From Bloomberg:
Google Inc., operator of the world’s largest Internet search engine,
settled a lawsuit on the brink of trial over a plan for a stock split that
shareholders claimed would unfairly allow founders Larry Page and Sergey Brin
to strengthen their corporate control.
Lawyers for a Massachusetts
pension fund and other investors were scheduled to begin presenting testimony
Tuesday in a Delaware
court about a stock reclassification that would create a new class of nonvoting
shares, court filings show. The
settlement, which must be approved by a judge, clears the way for the split,
which had been on hold while the Delaware
case was being litigated. The accord provides enhanced board scrutiny of Page’s
and Brin’s requests to amend restrictions on their sales of new Class C shares
and on company acquisitions funded by more than 10 million shares of the new
stock, according to court filings…
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