Proxy adviser ISS recommends Aerojet holders back CEO in proxy fight (NYSE:AJRD)
estt/iStock through Getty Illustrations or photos
Aerojet Rocketdyne (NYSE:AJRD) holders ought to vote for CEO Eileen Drake and her slates of candidates for the board, proxy adviser ISS proposed in a bitter combat among the CEO and Chairman Warren Lichtenstein.
“We considerably take pleasure in the aid from ISS and our shareholders for the Independent Slate,” Drake reported in a assertion on Saturday. “We glance forward to continuing to supply incredible price for the Company and our shareholders.”
The lSS suggestion comes as holders are set to vote June 30 at special holder conference in a fight that has divided the rocket maker’s board. Lichtenstein and his Metal group have nominated a slate of eight directors for the board.
Lichtenstein, who collectively with his affiliates owns 5.5% of the AJRD’s shares, has been engaged in a proxy combat with the organization and the sides have been investing lawsuits towards each individual other.
Lichenstein experienced a victory in courtroom on Thursday when a Delaware Chancery Court docket choose ruled that Drake violated a court docket purchase by making use of organization cash in a proxy struggle with Lichtenstein.
The proxy battle among the corporation and Lichtenstein came immediately after the FTC submitted a lawsuit in late January to block Lockheed Martin’s (LMT) $4.4 billion order of Aerojet (AJRD). Lockheed terminated the deal in February.
