Insituform Technologies, Inc. is on the verge of a major proxy battle that could result in the sale of the $496-million-a-year firm.
The Chesterfield, Mo.,-based company, which ranked No. 89 on ENR’s Top 400 Contractors of 2007, is under attack by New York-based investment firm Water Asset Management LLC. The hedge fund wants to place five of its candidates on Insituform’s board, reduce the board size from seven to six members or consider selling the firm.