Monday, 26 January 2015
Last updated 6 min ago
Oct 30 2007 | 2:43pm ET
Engineering and construction concern Washington Group International has postponed a vote on its proposed takeover by URS Corp. to build support for the hedge fund-opposed bid.
URS’ $2.6 billion offer for Washington Group has been slammed by activist hedge funds for undervaluing the target. Greenlight Capital, which owns 10% of Boise, Idaho-based Washington, has said it will vote against the deal, while Purchase, N.Y.-based Shultze Asset Management had sued to preempt the deal. Shultze, which owns 3% of Washington, settled its lawsuit earlier this month, after Washington agreed to provide supplemental disclosures to shareholders.
Influential proxy adviser Institutional Shareholder Services has also inveighed against the bid, urging Washington shareholders to vote no.
Yesterday, Washington admitted that it did not receive enough support, and postponed the vote, set for today, until Nov. 9.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…