Coniston Targets Allegis Board in Takeover Attempt
NEW YORK — An investor group attempting to gain control of Allegis Corp. said Monday that it would seek shareholder consent to oust the travel conglomerate’s entire board of directors and elect a new slate.
The announcement by Coniston Partners amended a strategy that the New York investment firm announced two weeks ago under which it asked shareholders to remove 13 members of the 16-seat Allegis board and replace them with directors “committed to maximizing value for all stockholders.â€
Paul Tierney, a member of Coniston Partners, said it changed the strategy because the three Allegis board members invited to stay had indicated unwillingness to participate in the investment firm’s takeover plans.
Tierney said that the amended strategy sets Monday as the record date for soliciting shareholder consents to oust the board, enabling people who had bought Allegis stock in the last two weeks to participate.
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