An Amsterdam court suspended the poison pill of Dutch industrial group Stork on Wednesday, but did not allow major shareholders to vote on the dismissal of the company's supervisory board the following day.
The Amsterdam commercial court ruled that the Stork Foundation has to revoke the preferential shares issued to the Stork foundation through a "poison pill" share purchase option in December. It also ordered an investigation into the running of Stork's business and said it would appoint three new supervisory members for the company.
The foundation, which is legally independent of Stork and exists solely to protect its independence or existence, had exercised the call option as the company fights a break-up push by hedge funds Centaurus Capital and Paulson & Co.
Comments
Comments are closed.