Edited release from MI Developments
M. Douglas Young has been appointed "lead director "of MI Developments' board of directors, the company announced Sept. 2. MID is a Magna company that is seeking to purchase the stock of Magna Entertainment Corp.
Young will be the lead independent director on the board and will act as a liaison between the independent directors and MID's chairman and management.
MID in a release also announced that Young and William Sutton have been appointed to the special committee of independent directors of the MID board established Jan. 13 to review, consider, and make recommendations to the MID board concerning transactions with MEC, Magna International, and other related parties. Included is the proposed offer by MID to acquire all the outstanding MEC Class A subordinate voting shares not already owned by MID.
Young, who will act as chairman of the special committee, and Sutton join Barry Byrd, Philip Fricke, and Manfred Jakszus as members of the committee. The reconstituted special committee will review MID's relationship with MEC and make recommendations to MID's board.
In particular, the special committee will reassess the proposed offer and other potential transactions with MEC. MID will issue a press release announcing the conclusions reached by the special committee once it has completed the reassessment, the release said.