USG <USG> TO ASK INCREASE IN AUTHORIZED SHARES
USG Corp in a proxy for its May 13
annual meeting said it will ask shareholders to increase the
authorized common shares to 300 mln from 100 mln and the
preferred shares to 36 mln from 12 mln.
    The company said it there were insufficient shares
available for a two-for-one stock split, although it said there
were no plans to take such action.
    It said the availability of additional shares could
discourage an attempt to obtain control of the company. But USG
said it is unaware of any pending takeover attempt.
    As of April 1, 1987, USG said there were 51,128,191 shares
of its common stock outstanding. It said 784,350 shares were
reserved for issuance under various stock option plans.
    Of the 12 mln authorized shares of preferred stock, it said
124,641 shares of 1.80 dlrs Convertible Preferred Stock was
issued and outstanding and an additional 6,800,000 shares were
reserved for issuance as Junior Participating Preferred Stock,
Series A, 1.00 dlr par value a share.
    USG also said shareholders will be asked to approve an
amendment to its restated certificate of incorporation that
includes staggered election of directors and the requirement of
an 80 pct vote on certain mergers and asset sales or leases.
    The company also is asking shareholders to approve an
amendment limiting the liability of directors.
 Reuter
