“Looks like we’ve come to an accommodation with the Koch brothers, Cato founder and president Ed Crane said Tuesday in a email to employees.
Staffers will be briefed Monday on the settlement by Cato Chairman Bob Levy and John Allison, a prominent libertarian and former BB&T chief executive office, who mediated the negotiations, Crane said. “It will be great to get all this unpleasantness behind us,” he wrote.
In a follow up email to staff, Crane cautioned that negotiations are ongoing.
The deal will settle a lawsuit the Koch brothers filed in February over shares that determine control of Cato. . . .
The settlement involves dissolving the shareholder agreement. In addition, Crane is expected to retire under an agreement that allows him to select his successor, though the Koch brothers could veto the hiring.
Assuming this report is accurate, this is tremendously good news for all involved. Whatever the merits of the Kochs concerns about Cato’s current management, a hostile takeover was not in the interest of Cato or the broader libertarian cause to which they have devoted so much over the years.