-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pwh81dCmKTGXD1xTWimpXgRr7eyZ4Nh+9WPLDxC8PAFrwHhCnXkQKUmf/Y9aDQ6c /lNwfAsBzVbqCVqh0focXw== 0000100790-99-000021.txt : 19990426 0000100790-99-000021.hdr.sgml : 19990426 ACCESSION NUMBER: 0000100790-99-000021 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNION CARBIDE CORP /NEW/ CENTRAL INDEX KEY: 0000100790 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 131421730 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: SEC FILE NUMBER: 001-01463 FILM NUMBER: 99599296 BUSINESS ADDRESS: STREET 1: 39 OLD RIDGEBURY RD CITY: DANBURY STATE: CT ZIP: 06817-0001 BUSINESS PHONE: 2037942000 MAIL ADDRESS: STREET 1: 39 OLD RIDGEBURY RD CITY: DANBURY STATE: CT ZIP: 06817-0001 FORMER COMPANY: FORMER CONFORMED NAME: UNION CARBIDE CORP DATE OF NAME CHANGE: 19890806 FORMER COMPANY: FORMER CONFORMED NAME: UNION CARBIDE & CARBON CORP DATE OF NAME CHANGE: 19710317 DEFA14A 1 ADDITIONAL PROXY INFORMATION SCHEDULE 14A (RULE 14A-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 UNION CARBIDE CORPORATION (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rule 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [ ] Fee paid previously with preliminary materials: [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a) (2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Union Carbide Corporation 39 Old Ridgebury Rd., Danbury, CT 06817-0001 Telephone: 203-794-3022 Facsimile: 203-794-3334 Strategic Planning, Investor Relations and Public Affairs April 22, 1999 Re: Union Carbide Corporation's Proxy Statement, dated March 15, 1999 Proposal 3 - State of Wisconsin Investment Board (SWIB) Binding By-Law Resolution on Shareholder Rights Plans Dear : I am writing to you to once again urge you to vote your shares against Proposal 3. While SWIB claims it is not objecting to all rights plans, and that its proposal is only intended to allow shareholders to vote on any future Union Carbide rights plan, please consider the possibility that passage of Proposal 3 may, in effect, disenfranchise shareholders. Approval of Proposal 3 requires the affirmative vote of only a majority of the votes cast. However, SWIB has drafted this binding by-law so that, once passed, it requires the affirmative vote of the majority of the company's outstanding shares to amend or repeal the by-law or adopt any rights plan. This is an extremely high vote threshold, because brokers cannot vote proxies on rights plans without instructions from beneficial holders. As of today, just four business days prior to our shareholder meeting, proxies have been returned representing about two-thirds of outstanding shares. However, fewer than one third of Union Carbide's outstanding shares have been voted on Proposal 3, despite considerable effort by both Union Carbide and SWIB to "get out the vote." Although we cannot predict how many shares will be voted before the polls close, this is indicative of how very difficult it is to obtain the vote of a majority of outstanding shares, either for or against, on any controversial issue. Thus, as a practical matter, the effect of this by-law could be to block even the shareholders' ability to adopt any rights plan. Based upon the opinion of the company's counsel, the language of New York law is clear that the binding by-law proposed by SWIB is invalid. Nevertheless, SWIB argues that the law is unsettled because no one has previously challenged the company's position in court and urges shareholders to "let the courts decide." Please do not let SWIB make our company a test case and embroil us in costly, protracted and unnecessary litigation! While your policy may be to favor shareholder proposals on rights plans, we ask you to consider carefully this specific proposal and its potential impact on Union Carbide. For the reasons stated in this letter and in Union Carbide's proxy statement, we believe that this proposal is in the interests of neither the company nor its shareholders. 2 We urge you to vote against Proposal 3. If you have already voted in favor of Proposal 3, we ask you to reconsider. If you have voted against, we thank you for your support. Sincerely, /s/ Joseph S. Byck Joseph S. Byck -----END PRIVACY-ENHANCED MESSAGE-----