©Reuters.
HOUSTON – Crown Castle Corp. (NYSE: NYSE:), a leading provider of wireless infrastructure, is challenging a lawsuit filed by investors Ted Miller and Boots Capital Management as baseless and self-serving. The controversy comes as Mr. Miller is seeking significant changes within the company, including his own appointment as executive chairman and the addition of nominees to the company's board of directors.
The company, which operates more than 40,000 cell phone towers and about 90,000 route miles of optical fiber, has come under pressure from Mr. Miller, who owns less than 1% of Crown Castle, to shake up its board and management team. is recieving. Mr. Miller's proposed changes include appointing himself and three candidates of his choice (one of whom is his son-in-law) to the board and serving as paid directors.
Crown Castle maintains that Mr. Miller's actions are designed to serve his own interests rather than those of the company or its shareholders. The company also said Miller's lawsuit is aimed at blocking its ongoing search for a new CEO and strategic review of its textile business.
Following the recent court decision in West Palm Beach Firefighters Pension Fund v. Morris (NYSE:) & Co., Crown Castle and Elliott Management Corp. amended their cooperative agreement on March 4, 2024.
The proposed amendments include clarifying the board's authority to change director nominations, removing size limits for certain committees, and ensuring that Elliott shares vote proportionately with other shareholders.
Crown Castle has a 12-member Board of Directors, 11 of whom are independent directors, who value feedback from all shareholders and incorporate it into strategic reviews aimed at improving long-term value. He claims to be. The company has indicated that Miller's lawsuit and proxy fight are primarily focused on furthering his personal agenda.
This ongoing dispute comes at a time when Crown Castle is focused on capitalizing on growth opportunities in the communications infrastructure industry. The company's statement is based on a press release and is intended to clearly communicate the current situation to stakeholders.
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