The Brookhurst Partners LP New York investment group that has 6.1% of Zenith Electronics Corp, proposes to solicit shareholder assents to a plan for the company to put itself up for sale. It is asking a court in Delaware, where Glenview, Illinois-based Zenith is registered, to negate by-laws that prevent it making the solicitations unless holders approve a ballot unanimously. Brookhurst wants to get three members onto the Zenith board, and reducing it to six seats from 10 at present. The Brookhurst team says it doesn’t want to take Zenith over or to run it, simply to improve shareholder value – by selling it.
