|
Gabelli Asset Management Company is pleased to announce that its resolution supporting the elimination
of The Liberty Corporation's "poison pill" was approved by 56% of the shareholders voting at its annual
meeting held today.
"We are delighted that we are victorious this year in our endeavors to eliminate Liberty Corporation's
poison pill. An identical proposal last year received support from approximately 50% of the votes cast.
Gabelli has long advocated corporate governance initiatives against poison pills and excessive stock
option plans. Poison pills clearly upset the proper balance of power between shareholders and management.
They allow the board to build a moat around a company precluding the salutary checks and balances of
the market."
"We hope that Liberty Corporation's Board of Directors will listen to the voice of its shareholders,"
said a representative of Gabelli.
Gabelli Asset Management Company, a subsidiary of Gabelli Asset Management Inc. (GBL:NYSE), provides
investment management services to institutional and high net worth investors. Gabelli Asset Management
Inc. has approximately $28 billion in assets under management.
|