| Notes |
In January 1969 Maxwell reached an agreement with Saul Steinberg, chairman of Leasco Data Processing Equipment of the United States, whereby Leasco would launch a formal bid for Pergamon subject to Maxwell's permitting a team of accountants appointed by Leasco to have full access to all of the Pergamon business records. Maxwell was to become president of Leasco's European division. On August 21 Leasco withdrew its bid because of doubts about Pergamon's accounts and ILSC. Maxwell disputed Leasco's right to take this course of action and had the dispute referred to the Takeover panel. On August 27 the panel decided Leasco had the right to withdraw and recommended a full Board of Trade inquiry over the objections of Maxwell. A shareholders' meeting was called at Pergamon for October 10. The meeting voted to dismiss Maxwell as company chairman and remove him from the board. Leasco gained control of Pergamon with 61 percent of the vote. However, Leasco decided not to proceed with its takeover bid, but retained its 38 percent stake in the company. |