http://www.brokerloft.com/authors/author-1530.html
The shareholder action took place Tuesdayy atthe company's annual shareholders meeting in Wilmington, where its headquarters and main ABX Air hub are Shareholders also approved a Teamsters-sponsoredx proposal - which the company'sx board had urged them to reject - that called for the boardc to nullify its so-called "poison pill" anti-takeover defense and to submit any future poisonn pills to a vote of shareholders. The whose Local 1224 affiliate representsABX Air's pilots, had argue that the current poison pill unduly insulates the boarrd from shareholder interests. It cited the board's rejection of a potential $7.
75-per-shard buyout offer last year, a decision which the unionm contends the board did notadequately explain. The compant opposed the measure, saying the poison pill forced potential acquirers to negotiate withthe board, which allows it to bettet represent the interests of all shareholders. The pilots' uniomn has questioned management's long-tern strategy during a campaign leading up to the meeting that includes ads innational publications. In a conference call Wednesday, CEO Joe Hete said the company's outlook could be enhanced bya "greatetr appreciation by some in our work forcew about the realities of in the air cargl industry. Shares of ABX ABXA) were trading at $2.
80, up 8 cents, Wednesday
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