Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: FRIDAY, April 15, 1994 TAG: 9404150096 SECTION: BUSINESS PAGE: B-4 EDITION: METRO SOURCE: DATELINE: LENGTH: Short
Tyson's request was necessary because of a Virginia law that requires a special vote by WLR shareholders to determine whether Tyson will be able to vote the shares it has acquired in its takeover attempt. Under state law, WLR must set a date for a shareholders meeting within 10 days of Tyson's request.
"Clearly, it would make no sense for Tyson to purchase any WLR shares without the corresponding right to vote those shares," Tyson Foods Chairman Don Tyson said in a statement to WLR shareholders.
As of last week, Tyson had acquired 11 percent of WLR's outstanding shares. Tyson last week extended its $30-a-share tender offer for WLR stock until June 3.
Both companies are food processors.
"Through this vote the shareholders can send a message to the board that it should do what is best for WLR shareholders by meeting to negotiate with Tyson," said Springdale, Ark.-based Tyson. No date was proposed for the meeting.
- Staff report
by CNB