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Article: Face-off over Heinz heats up.
- Article from:
- Pittsburgh Post-Gazette (Pittsburgh, PA)
- Article date:
- April 25, 2006
CopyrightCOPYRIGHT 2006 Pittsburgh Post-Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Teresa F. Lindeman
Apr. 25--The campaign has begun. But the election is not the primary on May 16, but the H.J. Heinz annual meeting on Aug. 30.
The Pittsburgh company whose historic ketchup brand holds a special place on hot dogs and scrambled eggs sent a letter to shareholders yesterday making the case for sticking with Heinz management and the incumbent 12-member board of directors despite a 14 percent drop in the stock last year.
Hours later, an investment group led by billionaire activist investor Nelson Peltz filed notice with federal regulators that its members now own 18.2 million shares or 5.3 percent of Heinz shares and plan ...