Monday, December 1, 2008

Grubb & Ellis

The shareholders of Grubb & Ellis, a major real-estate services company, meet Wednesday.

Elections to the board are staggered, so only three of the eight seats are in play this year.

Tony Thompson, the former company chairman, was ousted earlier inthe year but he remains the company's second largest shareholder (with 14%) and he wants back on the board.

The largest stake belongs to one of the directors who is not up for re-election this year, C. Michael Kojaian, who was 23%.

The largest institutional stake is in the hands of Wellington Management Co., Boston (7.5%),

The two other members of Mr. Thompson's challenge slate are Stuart Tanz and Harold Ellis. The three incumbents they're seeking to replace are: Harold H. Greene, Devin I. Murphy, and D. Fleet Wallace.

That's the score card. More about the state of play tomorrow.

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