Stanley Works Plans New Shareholder Vote
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Shareholders of toolmaker Stanley Works will vote again on whether to reincorporate in Bermuda, the company said after a legal challenge was filed to Thursday’s election.
The reincorporation, which would not have affected employment at the 159-year-old, New Britain, Conn.-based company, was intended to reduce its corporate tax burden. But employees and opponents of the move accused the company of confusing shareholders with conflicting advisories about the vote.
The company, known for its black-and-yellow woodworking tools, said Thursday that 67.2% of all shares favored the change, slightly more than the two-thirds majority needed.
State Atty. Gen. Richard Blumenthal and Treasurer Denise Nappier filed a legal challenge to the vote.
Company shares closed down $2.96 to $43.55 on the New York Stock Exchange.
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