Tollgrade Communications challenges independence of nominees for board

Pittsburgh Tribune Review – Tollgrade Communications Inc. is challenging the independence of two nominees for seats on its board of directors because a dissident hedge fund group is paying them to run as part of its bid for control.

Tollgrade, based in Harmar, said the fact that Ramius Group is paying $40,000 for two people to serve as nominees to the board could represent a conflict of interest.

The telecommunications services company is girding for a showdown when shareholders gather to vote at their annual meeting on Aug. 5.

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