Knight-Ridder proposed two anti-takeover steps.
The Miami-based newspaper company wants to eliminate cumulative voting in elections for directors, making it more difficult for dissident shareholders to elect candidates. In addition, it proposed a “fair price” scheme that would require any buyer who makes a successful tender offer to win approval of 80% of shareholders to buy the rest of the company. Under current rules, anyone controlling two-thirds of Knight-Ridder stock can set the price that he pays for the rest. Shareholders will vote on the Miami-based firm’s two proposals at the April 25 annual meeting.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.