Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  Google Inc    GOOGL

GOOGLE INC (GOOGL)

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Google Inc : Google to Settle Non-Voting Stock Shareholder Suit

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/17/2013 | 04:36pm CEST

Google Inc. (GOOG) said its board has approved the terms of a proposed settlement with shareholders who have sued the search-giant in a bid to block its plan to issue a new type of stock that carries no voting rights.

In April of last year, Brockton Retirement Board sued Google following its announcement that it would split its stock to grant a new share to existing stockholders via a tax-free dividend. The company would pay stockholders a dividend of one Class C share for every Class A share they own.

Google could use these Class C shares to pay for acquisitions or to pay staff, which could dilute shareholder ownership. However these shares would have no voting power--a move that would benefit stockholders financially while keeping Chief Executive Larry Page, co-founder Sergey Brin and Executive Chairman Eric Schmidt securely in charge. The structure could make it harder for shareholders to challenge Messrs. Page, Brin and Schmidt, as activists have done at other tech companies.

The suit claims the stock unfairly benefits Messrs. Brin and Page.

In a Monday filing with the U.S. Securities and Exchange Commission, Google's memorandum of understanding laid out a series of steps it agreed to take to settle with shareholders.

For example, if Google considers using more than 10 million shares of Class C stock to pay for an acquisition, its independent board members will consider how using these will affect Class A shareholders and the company.

The agreement also proposes that when the aggregate voting control of Messrs. Page and Brin falls below 15%, the board will convert Class C shares to Class A shares if it decides it isn't in Google's best interests to maintain a class of nonvoting stock.

Google also unveiled measures to tie the trading price of Class C shares to those of Class A shares, and said if the former are trading at a discount to the latter, it could pay Class C shareholders the difference.

The search giant said it is open to paying attorneys' fees and the reimbursement of expenses and that if the settlement is approved, it will negotiate on this matter. The settlement is subject to approval by the Delaware Court of Chancery.

Class A shares were up $4.88 to $879.76 in recent trading. The stock has risen 56% in the past 12 months.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GOOGLE INC
04:41p ALPHABET : Google Nexus Smartphones to Get Project Fi's Wi-Fi Assistant Feature
04:16p ALPHABET : Google to train university students in Pakistan
10:43a ALPHABET : Prestige Reputation Can BOLT Anyone's Online Reputation!
08/28 ALPHABET : JM Internet Group Announces Updated 2016 SEO Book Just in Time for Fa..
08/26DJWeb Firms May Have to Pay Publishers for News Under EU Rules
08/26 ALPHABET : Google's Accelerated Mobile Pages Load Up to 4 Times Faster, Emphasiz..
08/26 ALPHABET : ICMediaDirect Reputation Management Experts Reveal Top SEO Techniques
08/26 ALPHABET : New Toronto SEO Company Launches To Help Small Business Achieve Highe..
08/25 ALPHABET : After Google, Facebook to offer free Wi-Fi at Indian railway stations
08/25 INTERNATIONAL BUSINESS MACHINES : Patent Issued for Providing Multi-Lingual Sear..
More news
Sector news : Search Engines
11:12pDJFACEBOOK : to Allow Users to Trigger 'Safety Check' Feature--Update
10:56pDJFACEBOOK : to Allow Users to Trigger 'Safety Check' Feature
10:46pDJFACEBOOK : to Allow Users to Trigger 'Safety Check' Feature
10:25pDJTWITTER : Gene Wilder, Star of 'The Producers' and 'Willy Wonka,' Dies
04:33pDJALIBABA : India Payment Firm Paytm Raises $300 Million
More sector news : Search Engines
News from SeekingAlpha
2015 DEAR GOOGLE : Intel Can Build Your $50 Android One Phone
2015 M&A DAILY : Paving Way For Apple Car?
2015 APPLE TV : The Amazon Ban Won't Hurt A Bit
2015 Raven Industries Worth A Look At New 52-Week Lows And Exciting Future With Go..
2015 It's Nvidia Tegra X1 Inside Google's Pixel C Laptop
Advertisement
Financials ($)
Sales 2016 88 496 M
EBIT 2016 29 659 M
Net income 2016 24 494 M
Finance 2016 52 368 M
Yield 2016 -
P/E ratio 2016 28,76
P/E ratio 2017 24,26
EV / Sales 2016 5,48x
EV / Sales 2017 4,58x
Capitalization 537 023 M
More Financials
Chart GOOGLE INC
Duration : Period :
Google Inc Technical Analysis Chart | GOOGL | US38259P5089 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Consensus 
Mean consensus OUTPERFORM
Number of Analysts 49
Average target price 940 $
Spread / Average Target 18%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Lawrence E. Page Chief Executive Officer & Director
Sergey Mikhaylovich Brin President & Director
Eric E. Schmidt Executive Chairman
Ruth Porat Chief Financial Officer & Senior Vice President
Louis John Doerr Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
GOOGLE INC26.57%537 023
ALPHABET INC1.96%537 023
BAIDU INC (ADR)-8.24%60 126
YAHOO! INC.27.09%40 232
NAVER CORP--.--%23 669
YAHOO JAPAN CORPORATIO..-15.27%23 036
More Results