Pending approval from the STB, the shares bought in the offer will be put in a joint voting trust, Norfolk and CSX said.
32.
Union Pacific had rejected a voting trust proposal, instead quoting its own experts who argued that the commerce commission would approve a deal.
33.
Anticompetitive acquisitions cannot be cured by long-term voting trusts or other artificial legal devices that leave one competitor in the hands of another,
34.
Voting trusts were made popular in Delaware corporate law, but they have since been adopted widely by other states in the United States.
35.
The shares purchased will be placed in a voting trust, a mechanism to protect shareholders if the Interstate Commerce Commission rejects the merger.
36.
In what securities experts described as an unusually harsh remedy, the commission is asking the court to place Black's shares in a voting trust.
37.
But Liberty's shares will be placed in a voting trust to be controlled by Levin as long as he is chairman of Time Warner.
38.
Northwest agreed to place the stock in voting trust for six years and comply with restrictions on its voting rights for another four years.
39.
The FCC's comment period on the voting trust will start three days after WorldCom's offer is declared effective by the Securities and Exchange Commission.
40.
John Anderson, a member of the voting trust and vice chairman of the board, maintained the action by the board of directors was legal.
