Computer Sciences Shareholder Guy P. Wyser-Pratte Announces His
Intention to Intervene in Computer Associates' Nevada Litigation
Against Computer Sciences
NEW YORK--(BUSINESS WIRE)--March 6, 1998--Guy P. Wyser-Pratte, president of Wyser-Pratte & Co. Inc., a
Computer Sciences Corp. (NYSE: CSC - news) stockholder who beneficially owns 265,000 shares, announced today
that he plans to intervene in Computer Associates International's (NYSE: CA - news) Nevada litigation against CSC. Mr.
Wyser-Pratte said ''the CSC directors have completely abdicated their fiduciary duties to CSC's shareholders by denying
them their right to vote on CA's cash offer. This board completely overstepped its authority and disenfranchised
shareholders when it illegally and unilaterally changed the company's bylaws, and with the stroke of a pen eviscerated the
existing voting rights of CSC shareholders.'' Mr. Wyser-Pratte continued, ''shareholders have fundamental voting rights
that transcend CA's offer, or any other offer for that matter. The ends do not justify the means. Therefore, we believe that
this board had no right to remove the existing rights of shareholders, and to pay $10 million and $4 million to Goldman
Sachs and J.P. Morgan, respectively, of shareholder money to defeat CA's offer.''
Mr. Wyser-Pratte concluded, ''Mr. Wang of CA mentioned that he was terminating his offer on March 16, 1998 because
it was the 'right thing to do' given the ugly conditions that CSC had created. Under the circumstances, our fight is not
with CA but rather with CSC. Because it is the right thing to do and regardless of what happens to CA's offer, we have
decided to intervene in CA's Nevada litigation against CSC in order to reinstate those very shareholder rights that this
board has illegally and unilaterally taken away from shareholders. Furthermore, we are evaluating our alternatives and
reserve the right to take further action we deem appropriate in order to protect our interests.''
Contact:
Wyser-Pratte & Co. Inc., New York
Eric Longmire, 212/495-5357 |
