The debate over Washington Mutual Inc.’s proposed buyout of Providian Financial Corp. heated up again on Friday with one investor advisory service urging investors to disregard the advice of a rival.
Proxy Governance, a Vienna, Virginia-based firm that researches takeovers for institutional investors, warned Providian shareholders unhappy with the $6.45 billion deal that they would be making a costly and risky bet if they heeded the advice of San Francisco-based Glass Lewis & Co., another takeover research firm.
During a conference call with clients late Thursday, Glass Lewis & Co. reiterated a recommendation it made last week that Providian shareholders consider exercising their rights under Delaware law to have a court determine the fair value of their shares rather than voting in favor of the deal.
For this complete story, please visit Debate Over Providian Appraisal Rights Heats Up.
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