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Aerojet Rocketdyne (NYSE:AJRD) holders must vote for CEO Eileen Drake and her groups of candidates for the board, recommended the ISS attorney in a fierce battle between the CEO and President Warren Liechtenstein.
“We are many we appreciate the support from ISS and our shareholders for the Independent Slate, “Drake said in a statement on Saturday. “We look forward to continuing to deliver tremendous value to the Company and our shareholders.”
The lSS’s recommendation comes when holders must vote on June 30 at a special meeting of holders in a battle that divided the missile manufacturer’s board. Liechtenstein and its Steel Group have nominated a list of eight directors for the board.
Liechtenstein, which together with its subsidiaries owns 5.5% of the shares of AJRD, participated in the battle through a proxy with the company and the parties were commercial matters against each other.
Liechtenstein won in court on Thursday when a judge at the Delaware Chancellery ruled that Drake had violated court order by use of company funds in a proxy battle with Liechtenstein.
The proxy battle between the company and Liechtenstein came after the Federal Trade Commission filed a court trial in late January to block Lockheed Martin’s (LMT) $ 4.4 billion purchase of AerojetAJRD). Lockheed terminate the transaction in February.
