Word: hmc
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...HMC has participated in such hostile lobbying in the past. But playing a leading role in a brutal public battle is new ground for HMC, according to Don Cassidy, a senior research analyst at Lipper, a fund-tracking outfit...
...dispute arose over the price at which shares of the two funds traded. HMC said Templeton had failed to adequately represent shareholder interests, allowing prices to slip too far below the full value of the investment...
...HMC waged a long public relations war in trying to pressure Templeton to increase prices, culminating in a Jan. 16 letter to shareholders urging the “extraordinary action” of voting out Templeton fund manager J. Mark Mobius. Templeton responded with a Jan. 29 lawsuit accusing HMC of making “knowingly and materially false and misleading statements” in the letter. HMC fired back with a countersuit one week later, alleging that Templeton had breached its “fiduciary duty” to shareholders...
...settlement benefits both sides in that HMC will be able to sell their shares at a higher price and Templeton frees itself of an annoying shareholder, Cassidy said. He added that by settling they also avoid legal fees and a nasty public conflict...
...HMC, a favorable outcome was critical due to the size of its investment, he said...