Third Point continues to push for sale of Flow International

By Lisa Kerner

Charlotte, N.C., April 4 - Flow International Corp. investor Third Point LLC is asking the company's board of directors to "retain a publicly identified and well-recognized investment bank, with a clear mandate to explore strategic alternatives including a sale of the company."

Third Point, led by Daniel S. Loeb, is Flow's largest shareholder with a 13.6% controlling stake in the company.

Loeb's comments were included in an April 4 letter to the board and as part of a schedule 13D filing with the Securities and Exchange Commission.

"I must also insist that the company comply with best practices in corporate governance by repealing its poison pill and de-staggering the election of its board. Do not make the mistake others have made by under-estimating my resolve in this matter. If you continue to disregard the will of the company's owners, I will seek to replace members of the board at the next annual meeting," Loeb said in the letter.

Third Point, a New York investment adviser, has been pushing for the company to retain an investment bank since February. In addition, Loeb has also been critical of the board and the qualifications of its members.

Based in Kent, Wash., Flow develops and manufactures high-pressure water jet technology equipment used for cutting, cleaning and food-safety applications.

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