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Shareholders in Seattle biotech company Corixa approved a takeover proposal by
GlaxoSmithKline despite opposition from major investors at a special meeting yesterday.
During a Webcast of the meeting, Corixa Chief Executive Steven Gillis announced that shareholders representing 78 percent of the company’s outstanding stock had submitted votes, and that 61.5 percent of those had approved the merger, enough to allow it to proceed.
Two major shareholders had publicly indicated they were opposed to the deal. Lotsoff Capital Management, a Chicago asset-management firm that owns just over 8 percent of Corixa’s shares, and MPM BioEquities Advisor, which holds a 2.5 percent stake, said they were opposed to the $300 million deal because they believed shareholders weren’t getting fair value.
Federal Home Loan Bank
The Federal Home Loan Bank of Seattle named two directors yesterday to replace those who resigned in May following an investigation into whether their banks improperly sold stock back to the home-loan bank last fall.
The new directors are Don Rhodes, CEO of Heritage Financial in Olympia, and Russell Lau, CEO of the lender Finance Factors in Honolulu.
Last fall’s investigation concluded there was “the appearance of impropriety” regarding the transactions, which happened shortly before the bank announced large profit drops and before its regulator put it under closer scrutiny.
The directors who resigned in May — Roy Whitehead, CEO of Washington Federal Savings, and Allan Landon, CEO of Bank of Hawaii — said they disagreed with the investigation’s conclusions and denied any wrongdoing.
Alltel gets OK
Alltel won approval Monday from U.S. communications regulators for the $4.9 billion acquisition of Bellevue-based Western Wireless.
The deal was approved in a 4-0 vote by the Federal Communications Commission on the condition that Alltel sell Western Wireless assets in 16 markets in Arkansas, Kansas and Nebraska to ensure that the purchase doesn’t harm competition, the FCC said in a statement.
The deal requires approval from Western Wireless shareholders, who will vote July 29, Alltel spokesman Andrew Moreau said.
Compiled from Dow Jones, The Associated Press, Seattle Times business staff and Bloomberg News.