Investors get injunction against AXA-MONY merger

A group of institutional investors, including $58.7 billion Ohio Public Employees Retirement System, Columbus, obtained an injunction halting the $1.5 billion merger between AXA Financial, New York, and MONY Group Inc., New York. Vice Chancellor Stephen A. Lamb of the Delaware Chancery Court issued the injunction Tuesday, stating the investors had a right to know the amount of executive compensation, thought to equal about $90 million, that the executives expect to receive in the merger, according to the order. Shareholder groups, including Institutional Shareholder Services, have recommended that MONY shareholders reject the offer. Dissidents claim AXA's offer of $31 a share is less than the book value of $40, and argue that every dollar the executives receive from the merger is a dollar less for investors.