-----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, P53JcawWd6OMiyUGv4U77jAa/Hp1eznteBRgvOgIGntZtZ/dgj6byRvA37KsMxae TL8Rij09XZSSp11rOF7DFg== 0000950123-99-003016.txt : 19990405 0000950123-99-003016.hdr.sgml : 19990405 ACCESSION NUMBER: 0000950123-99-003016 CONFORMED SUBMISSION TYPE: PX14A6G PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19990402 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BERGEN BRUNSWIG CORP CENTRAL INDEX KEY: 0000011454 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 221444512 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: PX14A6G SEC ACT: SEC FILE NUMBER: 001-05110 FILM NUMBER: 99586741 BUSINESS ADDRESS: STREET 1: 4000 METROPOLITAN DR CITY: ORANGE STATE: CA ZIP: 92668 BUSINESS PHONE: 7143854000 MAIL ADDRESS: STREET 1: 4000 METROPOLITAN DRIVE CITY: ORANGE STATE: CA ZIP: 92668 FORMER COMPANY: FORMER CONFORMED NAME: BERGEN DRUG CO INC DATE OF NAME CHANGE: 19690409 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PX14A6G BUSINESS ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129164905 MAIL ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 PX14A6G 1 NOTICE OF EXEMPT SOLICITATION 1 U.S. Securities and Exchange Commission Washington, D.C. 20549 Notice of Exempt Solicitation submitted pursuant to Rule 14a-6(g) 1. Name of Registrant: The Bergen Brunswig Corporation - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2. Name of person relying on exemption: College Retirement Equities Fund - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3. Address of person relying on the exemption: 730 Third Avenue, New York, NY 10017 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4. Written materials. The following materials are attached: Exhibit 1: Article published on Teachers Insurance and Annuity Association - College Retirement Equities Fund's website. Exhibit 2: Resolution to be proposed by Teachers Insurance and Annuity Association - College Retirement Equities Fund at the annual meeting of the shareholders. EX-99.1 2 ARTICLE PUBLISHED ON TIAA WEBSITE 1 EXHIBIT 1 TIAA-CREF SiteLine Web Site Article TIAA-CREF Fights Bergen Brunswig's Poison Pill TIAA-CREF has written a letter to fellow shareholders of The Bergen Brunswig Corporation (NYSE: BBC), asking them to support TIAA-CREF's shareholder resolution requesting the Bergen board to redeem or put to shareholder vote the company's "dead hand" poison pill defense. TIAA-CREF owns 2.1 million shares or 1.9 percent of Bergen's common stock. Dead hand poison pills are a takeover defense which prevent an acquisition of a company even if a majority of shareholders favor the acquistion. In contrast to typical poison pills, which can be removed by newly-appointed directors who, because of their support for an acquisition offer, are voted onto the board by shareholders, dead hand poison pills can only be removed by incumbent directors on the board before a proxy fight. Therefore, even if an existing board was replaced with directors favoring an acquisition, it could not go through. Bergen's proxy statement defense of its dead hand poison pill "misses the point," said Peter C. Clapman, TIAA-CREF's senior vice president and chief counsel, Investments, in the letter to fellow shareholders. TIAA-CREF's position is based on the fact that Bergen "argues against the TIAA-CREF resolution mainly by presenting the logic behind poison pills in general," rather than addressing or defending the particular dead hand provision which TIAA-CREF contends "ignores the will of shareholders by subverting the voting process." As support for its position, TIAA-CREF informs shareholders that "dead hand poison pills have been declared illegal in Delaware, the state in which the majority of U.S. public companies are incorporated." Seven out of ten companies to which TIAA-CREF submitted a similar resolution this year have voluntarily agreed to remove their dead hand poison pill. TIAA-CREF believes that this clearly shows that this particular type of poison pill is contrary to good corporate governance, and therefore will not be tolerated by shareholders. Ken Bertsch, TIAA-CREF's director of corporate governance, is available to answer shareholders' questions. He can be reached at (212) 916-4972. Media inquiries can be e-mailed to Tom Pinto, TIAA-CREF's Media Relations Director, at tpinto@tiaa-cref.org. EX-99.2 3 RESOLUTION TO BE PROPOSED AT SHAREHOLDERS MEETING 1 EXHIBIT 2 CREF is proposing the following resolution at Bergen Brunswig's April 22, 1999, annual meeting. STOCKHOLDER PROPOSAL (Number 9 on the Bergen Proxy Card) RESOLUTION WHEREAS, the Company's Board of Directors, without shareholder approval, has adopted a plan, commonly known as a "poison pill", with a "dead hand" provision which permits only the board members that adopted the poison pill to redeem the pill; WHEREAS, this type of poison pill, unlike most poison pills, not only allows the current Board to effectively thwart acquisition offers which may be favored by a majority of shareholders, but also denies shareholders the right to replace this Board with new directors empowered to redeem the poison pill, permitting such offers to go forward; WHEREAS, a "dead hand" poison pill has a coercive effect on the shareholders' basic right to freely elect a new Board and also takes away normal decision-making authority in this important area from a newly elected Board; WHEREAS, such a "dead hand" poison pill interferes with good corporate governance and can reduce the value of the company's shares to the detriment of shareholders. "RESOLVED, that the shareholders request that the Board of Directors: Redeem the "dead hand" poison pill, unless approved by the affirmative vote of a majority of shares of the Company entitled to vote at a meeting of shareholders held as soon as practicable." SUPPORTING STATEMENT "By adopting the poison pill without shareholder approval, the current Board unilaterally deprived shareholders of the traditional right to sell their shares to potential bidders. By adding the "dead hand" feature, this Board also denies appropriate decision making authority to a new Board, elected by shareholders, to decide what is in the best interests of shareholders on this important subject. Traditional poison pills have been defended with the argument that directors can generally be trusted to act in the shareholders' interest, and if they do 2 not, they can be replaced by the shareholders with other directors. Adoption of the "dead hand" poison pills, however, is different. The purpose is "entrenchment", by coercing shareholders into voting for incumbent directors to preserve the possibility of redemption of the pill. Their intended effect is to preclude proxy contests for corporate control, which are an appropriate means to challenge incumbent management. We believe that the right of shareholders freely to elect a board of directors with full power to represent the shareholders' interests is the foundation-stone of good corporate governance. Yet this Board has unilaterally deprived shareholders of their only real protection against a board that acts against their interests--the ability to freely elect a board of their choosing with full powers to represent them in all respects. In our view, this Board by its actions has violated its fiduciary responsibility to shareholders. By supporting this resolution, shareholders can protect the value of their investment by sending a message to Bergen that we value our right to elect a Board that is prepared and able to represent shareholder interests on all proper matters; and that we will not support unilateral actions by the Board that restrict our ability to meaningfully exercise our voting rights." -----END PRIVACY-ENHANCED MESSAGE-----