* Rhoen eyes removing 90 pct acceptance threshold -source
* Decision seen in late 2012, early 2013 -source
* Rhoen names Martin Siebert as new CEO
(Recasts with source)
FRANKFURT, Nov 7 Rhoen-Klinikum is
looking into changing its bylaws to remove a major hurdle to any
takeover by a rival after a bid by Fresenius failed
earlier this year, a company source said.
The move would involve changing a rule that requires
shareholders representing at least 90 percent of Rhoen's stock
to approve any major strategic changes.
"That is one of the options to be looked at by a working
group of the management and supervisory boards," the person told
Reuters on Wednesday after Rhoen named a new chief executive.
Rhoen declined to comment.
Rhoen's founder and Chairman Eugen Muench introduced the
unusually high acceptance threshold to protect the company from
hostile bids but ironically it proved insurmountable after he
initiated the merger deal with Fresenius earlier this year.
Since a change to the bylaws would also require a 90 percent
approval rate, such a move could still fail if there was
resistance from major shareholders.
When Fresenius tried to buy Rhoen, for instance, rival
hospital operator Asklepios bought shares in Rhoen to prevent
Fresenius from reaching the 90 percent shareholding in Rhoen
that it needed.
A decision on whether to seek a change to the bylaws is to
be made late this year or early next year, the source said.
Rhoen earlier also said it named executive board member
Martin Siebert as its new CEO, a day after cutting its 2012
profit outlook due to the cost of restructuring one of its
The position became available when current CEO Wolfgang
Pfoehler said he would step down at the end of the year after he
was effectively sidelined by Rhoen's chairman in a takeover bid
by Fresenius that ultimately failed.
Reuters had reported the expected appointment last week.
(Reporting by Andreas Kroener and Victoria Bryan; Writing by
Maria Sheahan; Editing by Mike Nesbit)