Simmons Gives Up On Lockheed
After a two-year battle to gain control of Lockheed, Dallas investor Harold Simmons has surrendered with a $42 million loss. On Mar. 18, Simmons sold 12 million Lockheed shares, reducing his 19.8% stake in the company to less than 1%. Simmons decided to bail out when he discovered that institutional investors would not give him enough support to win board seats in an Apr. 2 proxy contest. With the $486 million from the Lockheed sale, Simmons could soon be back on the acquisition trail.