Bank rivals
huddle over
vote countFinal certification of the May 28
CB Bancshares stockholder
poll is expected today
Mainland representatives from CB Bancshares Inc., Central Pacific Financial Corp. and an independent voting services company worked into the night in Newark, Del., yesterday reviewing proxies from a May 28 CB special shareholders meeting.
Officials from both banks said certification of the vote is expected today.
CPF, which pushed for the review, is hoping to find enough double counting or miscounted votes to invalidate the results of last month's shareholders meeting in which IVS Associates Inc., the independent inspector, said a quorum was reached with 50.33 percent of the eligible shares voting. A quorum is defined as 50 percent, plus one, of the eligible votes.
Preliminary numbers showed 15 percent of the shares approved the proposal to allow CPF to acquire at least a majority of CB's outstanding shares, 33 percent rejected it and 3 percent abstained. CPF, which is attempting a hostile takeover of its Honolulu-based rival, had urged CB shareholders to boycott the May 28 meeting and instead vote at a June 26 meeting that CPF has called and CB refuses to recognize.
CB has said the issue of whether there's a quorum shouldn't change the results of the meeting. CB said the onus was on CPF to achieve a quorum since CPF was presenting the proposal. CPF, meanwhile, has been declaring victory from the May 28 meeting since two-thirds of CB's shares either voted for CPF's proposal or didn't vote at all.
CB was represented at the review by law firm Skadden, Arps, Slate, Meagher & Flom LLP and Innisfree M&A Inc., which assisted CB with proxy solicitation. CPF was represented by law firm Sullivan & Cromwell LLP as well as MacKenzie Partners Inc., which aided CPF on its proxy solicitation.