The New York hedge fund that wants to replace a majority of the board of directors at Algoma Steel Inc. said Thursday it has filed a lawsuit to move up a March 22 shareholder vote.
Paulson & Co. Inc., which currently owns 19 per cent of Algoma (TSX:AGA) , said it has launched legal action in Ontario Superior Court.
“Algoma shareholders do not need five months from a meeting requisition to decide whether to replace the board,” said Michael Waldorf, vice-president at the hedge fund.
