Park Hotels & Resorts Inc. is seeking certain amendments to its certificate of incorporation in order to improve its corporate governance.
The lodging real estate investment trust is proposing an amendment that would reduce the affirmative vote required for stockholders to amend its bylaws to a majority vote from 80% of the voting power.
The company is also seeking amendments that would lift the ownership limit for its common stock and preferred stock to 9.8% from 4.9% and lower the threshold for stockholders to demand a special meeting be called to 25% of the total voting power from a majority.
Park Hotels also seeks an amendment to opt out of section 203 of the general corporation law of the state of Delaware, an anti-takeover protection that restricts the REIT's ability to engage in transactions with interested stockholders.
The company will ask its shareholders to vote on the proposed amendments at its upcoming annual stockholder meeting, scheduled for April 26.