Ahh, spring. A time for chirping birds, budding trees and hostile takeovers. SPX Corp. of Muskegon, MI, continues its pursuit of fellow partsmaker Echlin Inc. and files a federal lawsuit compelling Connecticut-based Echlin to set a date for a special meeting of shareholders. More than 50% of Echlin shareholders have demanded such a meeting, which SPX says far exceeds the 35% required under Connecticut law. At the meeting, SPX says it will have enough votes to install its nominees on the board of directors. The suit follows Echlin's own court action seeking to block the meeting, as well as lobbying Connecticut lawmakers for legislation to prevent the removal of Echlin directors. After such acrimony, do these companies really want to have anything to do with each other?
Ahh, spring. A time for chirping birds, budding trees and hostile takeovers. SPX Corp. of Muskegon, MI, continues its pursuit of fellow partsmaker Echlin Inc. and files a federal lawsuit compelling Connecticut-based Echlin to set a date for a special meeting of shareholders. More than 50% of Echlin shareholders have demanded such a meeting, which SPX says far exceeds the 35% required under Connecticut
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