A plan by BDM International Inc. of McLean to limit the voting rights of most shareholders leaked out yesterday and then was hurridly retracted.
Early in the afternoon, the Dow Jones News Service reported BDM's board had approved a plan to split the company's shares into two classes in an effort to prevent an unfriendly takeover.
Under the plan, insiders would get shares with one vote each and the right to elect three quarters of BDM's board; public investors would get shares with one-tenth of a vote and the right to elect 25 percent of the board.
Barely two hours later the closely-watched news ticker said the BDM board had not approved the plan after all and would not even consider it until Wednesday.
The company blamed the misstep on its public relations firm, Kehoe, White, Towey & Savage Inc. The initial announcement was a draft for discussion that was sent to Dow Jones by mistake..
The BDM plan calls for the company to create a new issue of Class A common stock with limited voting rights. Holders of present BDM shares would be offered a 10 percent stock premium to convert their shares to Class A stock.