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Wometco raises its defenses

Wometco raises its defenses Moves to make takeovers harder By MARTIN MERZER Herald Business Writer Stockholders of Wometco Enterprises Inc. honored the memory of company founder Mitchell Wolfson on Monday, and then approved several measures designed to protect his company from unfriendly takeovers. The several hundred stockholders attending the leisure conglomerate's annual meeting heard Wolfson lauded as a pioneer in the communications industry and as a major force in South Florida's business and civic community. Wolfson, who founded Miami-based Wometco in 1925, died Jan. 28. He was 82 and had been in failing health. His career and accomplishments were reviewed in a 16-minute film that was shown to stockholders Monday. "Our feelings of happiness are somewhat muted today, because the man who founded our company, the man who determined the shape and, more importantly, the character of Wometco for almost 58 years, is no longer with us," Elton Cary, the company's new chairman, told the shareholders. Cary, a son-in-law of Wolfson, has agreed to step in as chairman while leaving day-to-day management of the firm to Van Myers, the newly appointed president and chief executive officer. From humble beginnings as the owner of a single movie theater in downtown Miami, Wolfson expanded Wometco until it owned six television stations (including WTVJ-TV in South Florida), 100 movie theaters, cable on stations, bottling plants, the Miami Seaquarium, the Key West Conch Train and other properties. At the time of his death, Wolfson was the largest stockholder in the company. None of his children had shown an interest in direct management of the company. Those factors led to numerous rumors concerning the sale or break-up of Wometco. But the board sought - and on Monday received - stockholder approval of sever- 00 Wometco's late founder Mitchell Wolfson and new top executives Elton Cary, top left, and Van Myers, right. al measures designed to make an unfriendly takeover more difficult. Under the proposals approved Monday, a bidder might be required to pay certain minimum prices for large blocks of stock; stockholder action could occur only at shareholder meetings; and Wometco could double the number of its common shares to a total of 40 million. The Wolfson family and other directors still control at least 33 per cent of the company's stock. All had vowed to vote in favor of the proposals - a situation that virtually assured passage. Along with making unfriendly takeovers more difficult, the measures also tend to prevent one member of Wolfson's family from selling large blocks of stock at a higher price than is received by other family members. During the meeting, company officials Please turn to WOMETCO/8D
Article from 26 Apr 1983The Miami Herald(Miami, FL)
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