Blank Rome Successfully Defends The Providence Service Corporation in Proxy Contest
Blank Rome successfully defended The Providence Service Corporation in a proxy contest against a dissident stockholder group that, after acquiring 18.6% of Providence’s issued and outstanding shares, informed Providence that it was planning to nominate and elect two of its nominees to the Providence Board of Directors to fill the seats currently held by the Chairman and CEO as well as one other member of the board. After a proxy contest that lasted over two months, and after all the major proxy advisory firms announced their support for Providence’s slate of nominees, at Providence’s annual stockholders meeting held on June 15, 2009, all of Providence’s director nominees were re-elected by wide margins, defeating the slate of nominees proposed by the dissident stockholder group.
The Providence Service Corporation, through its owned and managed entities, provides home and community based social services and non-emergency transportation services management to government sponsored clients under programs such as welfare, juvenile justice, Medicaid, and corrections.
provider of home and community-based services