Aerojet Rocketdyne (NYSE:AJRD) holders ought to vote for CEO Eileen Drake and her slates of candidates for the board, proxy adviser ISS really useful in a bitter battle between the CEO and Chairman Warren Lichtenstein.
“We tremendously admire the assist from ISS and our shareholders for the Impartial Slate,” Drake said in a statement on Saturday. “We look ahead to persevering with to ship super worth for the Firm and our shareholders.”
The lSS advice comes as holders are set to vote June 30 at particular holder assembly in a battle that has divided the rocket maker’s board. Lichtenstein and his Metal group have nominated a slate of eight administrators for the board.
Lichtenstein, who collectively together with his associates owns 5.5% of the AJRD’s shares, has been engaged in a proxy battle with the corporate and the edges have been trading lawsuits in opposition to one another.
Lichenstein had a victory in courtroom on Thursday when a Delaware Chancery Courtroom decide dominated that Drake violated a courtroom order by using company funds in a proxy battle with Lichtenstein.
The proxy battle between the corporate and Lichtenstein got here after the FTC filed a lawsuit in late January to dam Lockheed Martin’s (LMT) $4.4 billion buy of Aerojet (AJRD). Lockheed terminated the deal in February.