Leucadia (LUK) just filed an amended 13-D regarding AmeriCredit (ACF)
In it:
“On March 4, 2008, Leucadia and the Company entered into a two year standstill agreement (the “Standstill Agreement”) providing for, among other matters, a cap of 29.9% ownership for the Reporting Persons (subject to certain provisions), representation for Leucadia on the Board (with Leucadia having the right to designate two of the Company’s nine directors and the Company agreeing not to increase the size of the Board above nine directorships without the consent of both Leucadia’s designees to the Board and a majority of the Board unaffiliated with Leucadia), Leucadia’s agreement to vote for the Board’s director nominees, certain restrictions on proposals that may be made by the Reporting Persons (including as to the composition of the Board) without approval of the Board, and the Company’s agreement to enter into a registration rights agreement covering all shares of the Company’s common stock owned by Leucadia, all on the terms and conditions set forth in the Standstill Agreement.
The restrictions under the Standstill Agreement will terminate early if the
Reporting Persons own less than 5% of the Common Stock.
Pursuant to the Standstill Agreement, on March 4, 2008, the Company filed a Current Report on Form 8-K with the Securities and Exchange Commission announcing, among other things, that the Board had created two new director positions and elected Ian M. Cumming, Leucadia’s Chairman, and Justin R. Wheeler, a Vice President of Leucadia, to fill those positions.”
Disclosure (“none” means no position):None
