Facing a major challenge for control of the company, Phoenix-based health and security assistance provider MedAire has rejected a demand from “certain shareholders” to replace its current four-member board of directors with six new individuals, “four of whom are employees of MedAire’s competitor International SOS [based in Singapore].” According to a MedAire spokesman, the demand came in a letter presented to MedAire on November 28 by lawyers claiming to represent holders of 52.67 percent of MedAire shares. Last Friday, a U.S. District Court granted MedAire’s request for a temporary restraining order that blocks for the time being such action by the dissident shareholders. A preliminary hearing has been scheduled for next Tuesday to determine whether the injunction should continue. In a separate letter, the same shareholders also demanded the departure of MedAire founder, chairman and CEO Joan Garrett, effective the end of this month.
MedAire Seeks To Block Competitor Takeover
- January 16, 2007, 5:54 AM