Mondavi to Reduce Family’s Voting Power
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Robert Mondavi Corp., the maker of Woodbridge and Opus One wines, said it planned to eliminate its Class B shares, slashing the Mondavi family’s voting rights.
If shareholders approve at the firm’s annual meeting, Mondavi will reincorporate in Delaware and exchange each Class B share for 1.165 common shares, the Oakville, Calif., company said.
The Mondavi family owns about 6 million Class B shares, with 10 votes each. The plan would increase the Mondavi family’s stake to about 40% from 36% while cutting its share of voting rights to 40% from 85%
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