But after a modified voting process was approved to exclude nonvoting shares
from the tally, Icahn acknowledged defeat this week.
AirAsia Bhd possesses 49% of the paid-up share capital in AirAsia Japan, comprising the voting shares of 25,120 and the nonvoting shares
23,880, which it acquired through AirAsia Investment Ltd via paying AN50,000 apiece.
Under the terms of the settlement, if the nonvoting shares
trade at a discount, measured over a year, Google is obligated to pay holders of the nonvoting shares
a percentage of the overall trading differential, up to 5% of that trading differential.
Shortly thereafter, the Schotts "donated" (4) the 900 nonvoting shares
to the City of Los Angeles Safety Members Pension Plan (LAPF), (5) with the understanding that LAPF would sell all the shares back to the Schotts in four years.
It also shrinks the procedural costs for cross-border voting (Zetzsche, 2008), but it does not address the conflict of interest in shareholder meetings and dual-class voting, although all EU countries are characterized by either multiple voting shares or nonvoting shares
In a filing to the Bursa Malaysia, the local stock exchange, AirAsia said that in compliance with Japanese aviation laws on foreign shareholdings, AirAsia will hold 33 percent of voting shares and 16 percent of nonvoting shares
in the joint venture to be known as AirAsia Japan.
The Spain-based firm will offer $19 in cash and a portion of its newly issued, nonvoting shares
for each share of Talecris.
8 million Class A nonvoting shares
held by Corporacion de Inversiones Aereas resulted in USD99.
The Lloyds bail-out will see the Treasury buy billions of pounds worth of nonvoting shares
in Lloyds that could be upgraded later - potentially taking the Government's active interest to 75 per cent.
Elmasry says it's just not right that owners of the nonvoting shares
, which constitute the vast majority of the company's stock, choose only four directors, while the owners of the voting shares get to pick the other nine.
Anti-takeover defenses available under the new law include special shares that their issuer could convert into nonvoting shares
to reduce voting rights of a hostile takeover bidder.
For the deal to succeed, it needs the approval of shareholders representing two-thirds of both Molson's class A nonvoting shares
and class B voting shares, as well as each class of Coors shareholders.