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Malta, Illinois | Management and stock holders were incentivized by the almighty dollar. They will get a lot of money for selling out their local coop but they will find that living under the thumb of Mother CHS might not be worth it after service declines. Have you ever been through a large coop merger? The people that showed up to vote were the ones courted by management and the board. I don’t know how their bylaws are set up. In most cases a single person only has one vote no matter how much stock they own. I have seen a few instances where people vote every share of stock they own. In that case there could be a lot of votes sitting in just the board room. Since West Central sounds like a pretty modern coop I doubt that was the case here. I have never heard of a CEO and CFO of a coop getting multimillion dollar bonuses to push through a buyout. The whole thing smells pretty bad. | |
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WCA and CHS What was the vote???
