Inter-City shareholder ordered to divest stock

A Canadian government order to Mortgage Insurance Company of Canada (MICC) will result in the sale of the company's large stake in heating/air-conditioning equipment maker Inter-City Products. The government ordered MICC to divest approximately half of its holdings. Those holdings include a one-third stake in Inter-City, whose chairman, Robert Graham, pledged to act to maintain shareholder value.
NASHVILLE, Tenn. -- A large block of shares in Inter-City Products, the Canadian-based hvac equipment manufacturer, will be sold at the direction of a regulatory agency, according to board chairman [...]