TORONTO — Shareholders at Livent Inc. on Friday gave their stamp of approval to Michael Ovitz’s takeover of the legit theater giant.
Six weeks ago the former Disney prexy agreed to invest $20 million for a 12% stake in the company, effective voting control and the installation of a new management team (Daily Variety, April 14).
The annual general meeting was to approve the sale of shares and warrants to Ovitz, Wall Street adviser Roy Furman and David Maisel. Ovitz will become chairman of the board’s executive committee, Furman will become the company’s chairman and CEO and Maisel will be president.
Ovitz and his team will have their work cut out for them. The company took a $27 million one-time hit on the fourth quarter when the purchase was announced. And 10 days ago it announced an additional writedown of $16.2 million in the first quarter that gives Livent a loss of $20 million (Daily Variety, June 1).