Computer Associates, Billionaire Wyly In Deal To End Proxy Battle

The group, Ranger Governance, and Computer Associates say in exchange for dropping the bid, Computer Associates will elect one additional independent director and will likely submit the nominee to a vote by its entire 11-member board by the end of the year.

The agreement ends a dispute between Wyly and the software company over corporate governance that dates back to last year when Wyly attempted to replace Computer Associates' entire board.

Wyly ended that bid in August and launched the now-halted effort to nominate a minority slate of five directors to the computer software company.

Last week, Islandia, N.Y.-based Computer Associates named four new directors, and rhetoric between the parties has cooled since then.

Copyright © 2002 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.