Peace Comes To Michigan National
SHAREHOLDERS HAVE NOT been happy with Michigan National Chairman Robert Mylod, whose decade-long tenure has been marked mainly by underachievement. So on Feb. 6, Mylod found a buyer. National Australia Bank will pay $1.5 billion in cash, or $110 a share, for Michigan National. Presto: No more angry investors--their stock traded below 60 a year ago--and a likely proxy battle averted. Mylod even gets to keep his chairman's title, though President Douglas Ebert will be CEO.