Shareholders are proving to be a bump in the road as BlackRock schemes to eliminate the State Street Research & Management fund business. The New York-based BlackRock is planning to complete its takeover of SSRM by the end of January, but to have the SSRM funds merged by the deadline it needs shareholder approval, and that is not coming easily.
The Boston Herald
reports that few of the half million shareholders in the SSRM funds have bothered to vote their proxy so far. The meager returns mean that their is as of yet no quorum to make the vote official. The vote would allow the merging of SSRM funds into the BlackRock family.
To boost proxy returns, BlackRock has hired outside solicitors, reports the paper. One problem is that the proxy mailings are competeting with the Christmas holidays for shareholder attention.
Still, the paper adds that "sources close to the company downplay any talk of panic."
Stay ahead of the news ... Sign up for our email alerts now