P.M. BRIEFING : USX Change in Proxy Fight Rules Apparently Directed at Icahn
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PITTSBURGH — USX Corp. said today it has changed its bylaws to require 60 days’ advance notice of proxy fights, apparently in response to reports that Carl Icahn, the company’s largest stockholder, may wage one.
Charles A. Corry, chairman of the steel, oil and gas giant, said at a new conference he told Icahn about the bylaw change Wednesday. He declined to discuss Icahn’s reaction.
Icahn was in meetings today and not immediately available for comment.
Icahn has long been unhappy with USX management and believes the company’s stock price is too low.
The takeover strategist, who also is chairman of Trans World Airlines, waged a proxy fight at Texaco Inc. two years ago because he was dissatisfied with that company’s management.
Corry said the company’s board of directors unanimously approved an amendment to the company’s bylaws.
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