MEMPHIS, Tenn. (AP) â¿¿ Mueller Industries Inc. said Friday that holding company Leucadia National Corp. agreed to limit its stake in the metal parts maker to 27.5 percent and named two directors to Mueller's board.
Leucadia Chairman Ian M. Cumming and President Joseph S. Steinberg were added to the Mueller board.
The two-year standstill agreement, a tool usually used to end a hostile takeover attempts, also limits sales by Leucadia to investors who hold, or would hold, more than 4.9 percent of Mueller stock, the company said.
Mueller makes parts from copper, brass and other materials that are used in plumbing, refrigeration and other industries.Shares of Mueller fell 65 cents, or 1.5 percent, to close at $43.68. Leucadia shares dropped $1.28, or 4.5 percent, to end at $27.42.
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