Mobil Urges Anti-Takeover Actions
NEW YORK — Mobil Corp., an oil giant with $35 billion in assets, is urging its shareholders to approve a series of corporate bylaw changes aimed at making a hostile takeover more difficult.
One measure would stagger the terms of members of the board of directors, making it impossible to unseat a majority of the board in one election.
Another proposal would limit the use of two-tier takeover offers, bids in which a bare majority of the stock is purchased under one set of terms and the remaining stock is bought for less favorable terms.
A third proposal would try to prevent the practice of greenmail by requiring a vote of shareholders to approve stock buy-backs from any shareholder who owned 5% or more of Mobil’s stock for less than two years.
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