NEW YORK, January 27 Stewart Information Services Corp. today announced a proposal to reclassify all Class B Common Stock as Common Stock for purposes of aligning economic and capital allocation interests of all shareholders and to instill corporate governance practices that are more in line with market norms. Under the proposed plan, the Class B stockholders will exchange Class B shares for common shares on a one-for-one basis plus a $12 million cash payment, and all common shares will then be entitled to one vote per share on stockholder issues going forward.
↧