Members of the founding Geier family dropped a proxy bid to get their own representative on Milacron Inc.'s board, and the Cincinnati plastics machinery company has rescheduled its annual shareholders meeting for May 23.
Separately, Milacron is eliminating its practice of weighted voting and going to ``one share, one vote'' for holders of common stock.
Milacron issued a news release April 15 saying that the Geier Family Shareholder Group has notified the board it does not intend to refile the proxy. In the March 24 filing, the Geiers urged shareholders to elect Jerome L. Fedders to the board. Fedders, a former controller at Milacron, retired from the company last fall.
In the April 15 proxy, the group said Milacron's ``performance has fallen short of expectations in recent years.'' The proxy cited the company's acquisition strategy, a failure to meet the ``new competitive challenges of the industry'' and a reduction in demand for Milacron machinery.
The family members are descendants of Frederick A. Geier, who helped found Milacron in 1884. The family owns 740,813 shares of common stock and 1,416 shares of preferred stock.
Originally, the annual shareholders meeting had been set for April 23 in Cincinnati, but the company postponed it to deal with the Geier proxy. No details were available about why the Geiers withdrew the proxy.
Milacron also has announced it will seek shareholder approval on the board's decision to give all common stock shareholders one vote for each share they own. The board wants to eliminate the use of time-phase ``supervoting'' rights that gave shareholders up to 10 votes per share, depending on the length of time they owned the stock. Milacron said it filed its preliminary proxy statement April 14, asking for shareholder approval.