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Beckman

This article was originally published in The Gray Sheet

Executive Summary

Changes in firm's board structure are proposed by a Bass family-led group holding 5.3% of Beckman's outstanding shares, according to a Jan. 6 13D filed with the Securities and Exchange Commission. The group is seeking to add new directors who have no current or past ties to Beckman or former parent SmithKline, which spun off Beckman prior to merging with Beecham in 1989. The group also calls for the establishment of a nominating committee comprised solely of independent directors and the creation of "a corporate governance review committee of the board to recommend changes that would remove Beckman's many corporate governance restrictions and make Beckman more open to shareholders." A Jan. 27 meeting is scheduled with a group representative and Beckman's board....
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