Latest news with #SpecialCommittee
Fox News
9 hours ago
- Politics
- Fox News
WATCH LIVE: Texas Senate special committee holds hearing on redistricting
Members of the Texas Senate Special Committee on Congressional Redistricting hold a hearing on the state's Trump-backed redistricting map after the state House passed it Wednesday.
France 24
04-08-2025
- Automotive
- France 24
Tesla grants Musk $29 billion in shares as he appeals prior compensation ruling
Tesla has granted 96 million new shares worth about $29 billion to CEO Elon Musk, a move aimed at keeping the billionaire entrepreneur at the helm as he fights a court ruling that voided his original pay deal for being unfair to shareholders. In 2024, a Delaware court voided Musk's 2018 compensation package, valued at over $50 billion, citing that the Tesla board's approval process was flawed and unfair to shareholders. Musk kicked off an appeal in March against the order, claiming a lower court judge made multiple legal errors in rescinding the record compensation. Earlier this year, Tesla said its board had formed a special committee to consider some compensation matters involving Musk, without disclosing details. Tesla is at a turning point as Musk, its largest shareholder with a 13% stake, shifts focus from a promised affordable EV platform to robotaxis and humanoid robots, positioning the company more as an AI and robotics firm than an automaker. The new award is designed to gradually boost Musk's voting power, something he and shareholders have consistently said was key to keeping him focused on Tesla's mission, the special committee said in the filing. "While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging ... we are confident that this award will incentivize Elon to remain at Tesla," the committee said in a regulatory filing on Monday. It added that if the Delaware courts fully reinstate the 2018 CEO Performance Award, the new interim grant will either be forfeited or offset and there will be no "double dip," it added. The interim award shares vest only if Musk remains in a key executive role through 2027. They also come with a five-year holding period except to cover tax payments or the purchase price. Musk must pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 CEO Award, the company said in Monday's filing. Tesla shares rose more than 2% in premarket trading. Falling sales The stock has lost about a quarter of its value so far this year as the company grapples with a decline in sales wrought by its aging vehicle line-up, tough competition and Musk's political stances that have alienated some potential buyers. The challenges have been worsened by US government cuts in support for EVs, with Musk saying at a post-earnings call last month that the waning subsidies could lead to a "few rough quarters" for the company before a wave of revenue from self-driving software and services begins late next year. Data from research firm S&P Global Mobility shared exclusively with Reuters on Monday showed that Tesla's brand loyalty had plunged since Musk endorsed US President Donald Trump last summer. Tesla's aging lineup also faces stiffer competition from an array of EVs from legacy automakers, including General Motors, Hyundai and BMW. Cybertruck, the only new model Tesla has released since 2020, has proved to be a flop despite Musk's prediction of hundreds of thousands of annual sales.
Yahoo
17-07-2025
- Business
- Yahoo
Seven & i Holdings Comments on Press Release from Alimentation Couche-Tard Inc.
TOKYO, July 17, 2025 /PRNewswire/ -- Seven & i Holdings Co., Ltd. ("7&i" or "the Company") and the Special Committee of the Board of Directors today made the following statement in response to the press release issued by Alimentation Couche-Tard Inc. ("ACT"): 7&i confirms that ACT has unilaterally decided to end discussions and withdraw its proposal to acquire the Company. While we are disappointed by ACT's decision, and disagree with their numerous mischaracterizations, we are not surprised. Since ACT initially made its proposal, there have been significant changes in the global economy, exchange rates, and financing markets. As ACT noted on its most recent earnings call, conditions in key markets have deteriorated since last year. The Special Committee consistently engaged in good faith and constructively with ACT to explore the possibility of reaching a deal that could be consummated and that would benefit our shareholders. At the same time, we were always honest about the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process. Throughout this process, 7&i pursued all parallel paths to ensure that value for shareholders and other stakeholders is maximized. We remain fully committed to our standalone value creation plan, which we have been pursing in parallel, and to unlocking the value of our businesses, including our North American convenience store business. Our plan is concrete and actionable. With the proceeds from the sale of our Superstore Business and an IPO of our North American convenience store business, we aim to return approximately JPY 2Tn to shareholders through share buybacks by the end of FY2030. We are also highly focused on moving quickly to improve key areas of our operations to enhance performance metrics over both the medium and longer term. Media Contacts Kekst CNC In Tokyo:Jochen In New York:Ruth Pachman / Nathan / View original content to download multimedia: SOURCE Seven & i Holdings Co., Ltd.
Free Malaysia Today
12-07-2025
- Politics
- Free Malaysia Today
Land for houses of worship can be revoked if not built on time, says S'gor exco
Executive councillor Ng Suee Lim said the special committee on Buddhism, Christianity, Hinduism, Sikhism and Taoism had approved 400 lots of land for the building of non-Muslim houses of worship since 2008. (Bernama pic) SHAH ALAM : The Selangor government can withdraw approval for land earmarked for non-Muslim houses of worship if they are not developed within the specified period, the Selangor assembly was told today. State local government and tourism committee chairman Ng Suee Lim said the land for which approval was withdrawn would be given to those in need instead. He said the special committee on Buddhism, Christianity, Hinduism, Sikhism and Taoism had approved 400 lots of land for the building of non-Muslim houses of worship since 2008. If no house of worship is built within a certain period, the state government will take back the land, he said in response to a supplementary question from Lwi Kian Keong (PH-Sungai Pelek).
Business Wire
09-07-2025
- Business
- Business Wire
TELUS Digital advances special committee process in connection with TELUS Corporation's non-binding proposal
VANCOUVER, British Columbia--(BUSINESS WIRE)--TELUS Digital Experience (TELUS Digital or the Company) (NYSE and TSX: TIXT), a leading global technology company specializing in digital customer experiences, today provided an update on its process in respect of the previously announced unsolicited non-binding proposal received on June 11, 2025 from TELUS Corporation (TSX: T, NYSE: TU) to acquire 100% of the outstanding multiple voting shares and subordinate voting shares of TELUS Digital not already owned by TELUS Corporation (the Proposal). Subsequent to receiving the Proposal, TELUS Digital's board of directors formed a special committee comprised of six independent directors (the Special Committee) to review, evaluate and consider the Proposal and any relevant alternatives. The Special Committee is co-chaired by the Company's independent Lead Director and Audit Committee Chair. In addition, the Special Committee has engaged McCarthy Tétrault LLP as its independent legal advisor and BofA Securities, Inc. as its financial advisor in connection with the Proposal. BMO Capital Markets has been engaged as independent valuator and financial advisor to the Special Committee. FGS Longview has also been retained by the Special Committee as communications counsel. BMO Capital Markets and BofA Securities were each selected after a thorough review by the Special Committee of potentially qualified firms, with a focus on the relevant independence, capabilities, credentials, reputation and applicable financial and valuation expertise. The Special Committee is committed to transparency and intends to share the independent valuator's conclusions with shareholders in accordance with applicable securities laws in Canada and the United States. The Special Committee is committed to acting in the best interests of TELUS Digital and all shareholders and other key stakeholders and upholding the highest standards of governance throughout its review. The Special Committee welcomes shareholder feedback regarding the process. All inquiries regarding the process should be directed to FGS Longview (see contact details below). TELUS Digital cautions the Company's shareholders, others considering trading in TELUS Digital's securities and TELUS Digital's other key stakeholders that no decisions have been made with respect to the Proposal. There can be no assurance that any binding offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal, or that the transaction contemplated by the Proposal or any other transaction will be approved or consummated. TELUS Digital does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law. No action with respect to the Proposal is required by TELUS Digital shareholders at this time. About TELUS Digital TELUS Digital (NYSE & TSX: TIXT) crafts unique and enduring experiences for customers and employees, and creates future-focused digital transformations that deliver value for our clients. We are the brand behind the brands. Our global team members are both passionate ambassadors of our clients' products and services, and technology experts resolute in our pursuit to elevate their end customer journeys, solve business challenges, mitigate risks, and drive continuous innovation. Our portfolio of end-to-end, integrated capabilities include customer experience management, digital solutions, such as cloud solutions, AI-fueled automation, front-end digital design and consulting services, AI & data solutions, including computer vision, and trust, safety and security services. Fuel iX TM is TELUS Digital's proprietary platform and suite of products for clients to manage, monitor, and maintain generative AI across the enterprise, offering both standardized AI capabilities and custom application development tools for creating tailored enterprise solutions. Powered by purpose, TELUS Digital leverages technology, human ingenuity and compassion to serve customers and create inclusive, thriving communities in the regions where we operate around the world. Guided by our Humanity-in-the-Loop principles, we take a responsible approach to the transformational technologies we develop and deploy by proactively considering and addressing the broader impacts of our work. Learn more at:
