Byline: Jane Seccombe
Jun. 26--SunTrust Banks Inc. has started to mail its proxy statement to Wachovia Corp. shareholders, urging them to vote against a $14.5 billion board-approved acquisition offer from First Union Corp.
SunTrust, which is pursuing Wachovia with an unsolicited $14.9 billion bid, has written to the board as well, asking directors to allow shareholders to vote on a proposed charter amendment that would restore the right of shareholders to call special meetings.
Striking first in what is expected to be a lively contest, SunTrust received permission from the Securities and Exchange Commission Friday for its proxy mailing, and started to send it out Saturday. The Atlanta bank recently won court-ordered access to Wachovia's list of 140,000 shareholders, of whom 15,000 are employees.
"We are pleased that we are now able to make our case to …