Canadian telco Telus has withdrawn a proposal to introduce a single class of common shares in place of its current dual-share structure after conceding that it could not gain the required level of shareholder support for the move. As previously reported by CommsUpdate, Telus sought to convert non-voting shares into voting stock on a one-for-one basis, but the plan was opposed by its largest single shareholder, New York-based hedge fund Mason Capital Management, with 18.7% of outstanding common shares but a much smaller number of non-voting shares at the time of the plan announcement a month ago
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OVETEL Telus fails to restructure shares, attacks hedge fund
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