UtiliCorp to Mount Proxy Fight for Quanta Board
Quanta Services (PWR) plans to "vigorously oppose" an attempt by UtiliCorp (UCU) to take control of the company's board.
According to a Quanta press release, UtiliCorp, which owns 38% of Quanta, said in a 13-D filing Friday that it will attempt to have its nominees elected to the Quanta board via a proxy motion. Quanta responded that the threat reflects Utilicorp's desire to consolidate Quanta's results with its own earnings in order to meet market earnings expectations.
Quanta Chief Executive John Colson said, "handing the company to UtiliCorp to satisfy its financial and accounting agenda is not in the best interest of Quanta's shareholders."
The companies had been discussing voluntary financial consolidation, but the negotiations fell through, precipitating the filing by UtiliCorp. UtiliCorp said it would name its director slate within the time period required by Quanta's bylaws, and its slate would consist of six individuals that are affiliated with UtiliCorp and three that are independent from both UtiliCorp and Quanta.
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