Aquent LLC and Computer Horizons Corp said last week they had reached “a mutual resolution of all pending legislation” in the wake of a hard-fought and ultimately sterile takeover battle between the two firms.
CHC’s board had bitterly resisted Aquent’s April $5 a share takeover bid, launched in April 2003. Aquent withdrew the bid last month, but not before replacing two of CHC’s board members with its own nominees, and reducing the shareholding needed to call an EGM to 10% through a series of shareholder votes designed to support its bid for the company.
Inevitably, the takeover battle gave rise to dueling lawsuits.
On Friday, however, the companies said they had reached a settlement. The firms said that under the deal, Computer Horizons has agreed to modify its June 30, 2003 by-law amendment regarding special meeting procedures by, among other things, reducing from 75 to 50 the minimum number of days between the times a 10% or more shareholder requests a special meeting of shareholders and the date of that meeting.
At the same time, Aquent has entered into a standstill agreement, under which for the next year it will not request any special meeting of shareholders, nominate anyone to CHC’s board of directors or engage in any proxy solicitations to CHC shareholders.
This article is based on material originally produced by ComputerWire.