January 23, 2008 / 4:06 PM / 10 years ago

UPDATE 1-Unisys pushes notice deadline for shareholder proposals

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Jan 23 (Reuters) - Unisys Corp (UIS.N) said it pushed the deadline for advance notice of director nominations and shareholder proposals for its 2008 annual shareholders meeting to Feb. 19 while it addresses concerns brought by a major shareholder.

Unisys is in talks with MMI Investments LLP, its third largest shareholder and a unit of Millbrook Capital Management Inc, which earlier this year called for the technology services company to sell or spin off its U.S. government business, saying that could as much as triple its stock price.

U.S. hedge fund Millbrook, which owns a 9.9 percent stake in Unisys, sent a letter to the company’s board on Jan. 7, urging it to hire an independent investment bank to review strategic alternatives.

Unisys said like MMI Investments, its board and management believed the company’s shares were substantially undervalued and the current share price did not reflect the improvements in its operating performance and profitability.

Shares of the company, which is in the midst of a multiyear effort to reinvent itself by slashing costs and entering new businesses, were down more than 2 percent at $3.33 in morning trade on the New York Stock Exchange.

Reporting by Dilipp S. Nag in Bangalore; Editing by Anupama Dwivedi

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