NEW YORK-Price Communications Corp., which was acquired last year by Verizon Wireless for $1.2 billion in stock, reported that Institutional Shareholder Services issued an unsolicited proxy analysis concurring with Price Communications’ plans to seek another operating business rather than follow a liquidation strategy, elect a director and approval of an employee stock option plan.
ISS noted that a liquidation strategy, which Price said would be drawn out over the next four and a half years, would limit Price’s activity to the ownership of its preferred interest in Verizon Wireless rather than seeking other business opportunities.
“If the company seeks to acquire other operating businesses or other business opportunities, it would still have the flexibility to pursue liquidation of the company if the situation so warrants,” ISS said.
Robert Price, president of Price Communications, said the company is looking at potential acquisition targets both in and outside the wireless industry and that any decision that was made would be in the interest of enhancing shareholder value.
A shareholder vote on liquidation is expected in mid-April.
