RIM (RIMM) Investor Urges Sale or Merger, Continues Receiving Shareholder Support
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Not everyone appreciates Research In Motion (Nasdaq: RIMM) as a whole.
Reports Tuesday suggest shareholder Jaguar Financial Corp is pushing for support to have RIM sell itself, merge, or split into two smaller public companies.
Jaguar's plea hasn't gone unanswered: the firm said 8 percent of shareholders have agreed to the proposal. Jaguar believes it is making progress to bring that number up to 12 percent shortly.
One of Jaguar's proposals calls for the replacement of co-CEO's Jim Balsillie and Mike Lazaridis. According to Jaguar, the duo have made RIM a "reactionary company trying to compete in an innovative industry." Jaguar also wants an Independent Chairman.
This isn't the first time RIM has met investor resistance. In June, Northwest & Ethical Investments LP called for the management to separate the two roles.
RIM is trading almost 3.1 percent better Tuesday morning.
Reports Tuesday suggest shareholder Jaguar Financial Corp is pushing for support to have RIM sell itself, merge, or split into two smaller public companies.
Jaguar's plea hasn't gone unanswered: the firm said 8 percent of shareholders have agreed to the proposal. Jaguar believes it is making progress to bring that number up to 12 percent shortly.
One of Jaguar's proposals calls for the replacement of co-CEO's Jim Balsillie and Mike Lazaridis. According to Jaguar, the duo have made RIM a "reactionary company trying to compete in an innovative industry." Jaguar also wants an Independent Chairman.
This isn't the first time RIM has met investor resistance. In June, Northwest & Ethical Investments LP called for the management to separate the two roles.
RIM is trading almost 3.1 percent better Tuesday morning.
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