BALTIMORE, March 22, 2011 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) announced that a stockholder proposal for the Board of Directors to consider causing the Company to conduct a self-tender offer was soundly defeated by the stockholders at its annual meeting of stockholders today in Baltimore. Of the 56% of the outstanding shares of the Company's stock that were cast on the proposal, 72% of the shares voted against it and 25% of the shares (representing only 14% of the Company's outstanding shares) voted for it. 3% of the shares abstained. For the proposal to pass, the affirmative vote of a majority of the votes cast on the proposal was required.
Douglas G. Ober, Chairman and CEO, stated, "I am very pleased that our stockholders carefully considered the merits of the proposal, which was submitted by an activist hedge fund, and the reasons articulated by the Board for recommending that the stockholders vote against it, and resoundingly voted against the proposal."
The Adams Express Company is a Baltimore-based closed-end investment company. It trades on the New York Stock Exchange under the ticker symbol ADX.
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