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The company's response to a shareholder request for board diversity misinterprets the research.
"After an independent chairman is named, the board's nominating committee will consult with shareholders and carefully review Mr. Icahn's request for board representation," the company said.
Electrical parts company Rexel waved goodbye to its CEO just months after Cevian Capital disclosed a stake earlier this year, Carrefour faced another request for board seats, and a merger between Maurel & Prom and MPI saw opposition from U.K. and South African funds.
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To do so might only encourage requests for board micromanagement of everything from drone delivery to the author rankings of self-published writers.
This concept envisions both private discussions but, if necessary, escalating public actions from statements to resolutions to requests for board changes.
In the U.S., nearly 80% of resolved requests for board representation have settled so far this year, compared to almost 60% last year when activists waged proxy contests at a surfeit of large-cap companies.
The second act will start next week". Caesars World continued Thursday to be noncommittal pending an announcement of its response to Sosnoff, its largest shareholder since 1983 but one whose requests for board representation have been rebuffed previously.
Ereidi Farm has received many requests for boarding and foaling services from residents of Maryland and New Jersey reflecting the need of residents from these states to relocate their thoroughbred operations.
The board and management of Carrefour, the giant French retailer, agreed to ask shareholders to approve a request for two board seats from Colony Capital and Groupe Arnault, two new investors in the company.
A major Adelphia shareholder, Leonard Tow, the chairman of Citizens Communications, said yesterday that he was unhappy with the company's response to his request for three board seats.
Mr. Tellop had previously rejected Mr. Simmons's request for six board seats and this week turned aside an effort by several institutional shareholders to forge a compromise that would have given Mr. Simmons three seats.
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