Comments Email Print

NEW YORK—Wall Street arbitrageur Wyser-Pratte & Co. Inc. said Feb. 18 that 58 percent of Rexene Corp. shareholders support its call for a special shareholders meeting.

Wyser-Pratte holds or controls about 10 percent of Rexene's outstanding stock. It began an effort in December to have a special meeting to force Rexene's board to consider purchase offers from Huntsman Corp. Wyser-Pratte proposed that the meeting be held April 30 at CT Corp. in Wilmington, Del., a registered agent for Rexene of Dallas. Rexene is registered as a Delaware corporation.

Further, Wyser-Pratte filed a suit in Delaware Chancery Court Feb. 18 to put added pressure on Rexene's board to hold the meeting at the time and place proposed. At issue are moves proposed by Wyser-Pratte to replace Rexene's board of directors with its own nominees, and the adoption of amendments to the corporation's bylaws designed to expedite the acceptance or rejection of offers to acquire the company.

A Rexene spokesman said Feb. 19 that the firm intends to hold the meeting, but the date and location remain in doubt.