Mason Launches Proxy Fight Against Telus

Sep 25 2012 | 11:55am ET

Activist hedge fund Mason Capital Management has unveiled its Plan B in its battle with Telus Corp.

The New York-based firm has filed a dissident proxy circular asking Telus shareholders to reject the Canadian telecommunications company's plan to consolidate its share classes. Mason, which owns 19% of Telus' voting shares, objects to the plan, which would merge voting and non-voting shares on a one-for-one basis, with no premium offered to the former.

Mason's move comes after a British Columbia court blocked its bid to hold a meeting of voting shareholders. The hedge fund is appealing the decision.

Mason shareholders are to vote on the proposals on Oct. 17.

"Telus' actions stand to set a very dangerous precedent in corporate Canada," Mason's Michael Martino said.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note