Orthofix responds to shareholder letter

By Lisa Kerner

Charlotte, N.C., Dec. 4 - Orthofix International NV said its board of directors will "carefully consider" matters raised by shareholder Ramius LLC in a Dec. 2 letter to the company.

Ramius, a 4.7% shareholder, urged Orthofix to:

• Engage a strategic adviser to explore a sale or disposition of Blackstone Medical, Inc.;

• Reduce corporate overhead expenses; and

• Decrease the company's heavy debt load.

Ramius said it is seeking to replace up to four members of the Orthofix board of directors.

"The board remains committed to pursuing the company's long-term business strategy and, at the same time, our management team will continue working on an ongoing basis with the company's financial advisor, Morgan Stanley, which had been engaged earlier this year to identify potential alternatives for creating additional shareholder value," Orthofix Group president and chief executive officer Alan Milinazzo said in a company news release.

Orthofix is a Curacao, the Netherlands-based diversified orthopedic products company.

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