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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 14.65

-0.4%

Jan 30 9:30 AM EST

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To: Art Bechhoefer who wrote (2135)	11/21/1999 9:52:00 PM
From: Chuzzlewit	Read Replies (5) of 3175

Art, probably the best evidence of Mannesmann's management weakness is its failure to seriously consider the VOD bid. VOD is offering a huge premium to Mannesmann shareholders -- especially in view of the Orange acquisition (whether this deal is in the best interest of VOD s/h is open to question), and Esser's rejection of the initially friendly bid would indicate that Mannesmann is not acting in the best interests of its shareholders. Many high-level executives view their positions as sinecures, and fight tooth and nail to maintain their salaries and bonuses regardless of the impact on shareholders. That's why these folks insert poison pills in their articles of incorporation - euphemistically called shareholder rights- but in fact they are designed to maintain the status quo. My question to the thread is this: if Mannesmann's poison pill is the prohibition against any shareholder voting more than 5% of the stock, does that blunt the influence of some large institutional holders, or is it simply designed to fend off an acquisitive company from purchasing more than 5%? TTFN, CTC

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