Orthofix shareholder Ramius wants to replace four board members

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Orthofix International NV investor Ramius LLC wants fellow shareholders to support its call for a special general meeting in order to make changes to the company's 10-member board of directors.

Ramius, a 4.8% shareholder, said it filed a preliminary consent solicitation statement with the Securities and Exchange Commission to solicit written requests from shareholders. Innisfree M&A Inc. will solicit consents on behalf of Ramius.

According to a Ramius news release, the shareholder wants to remove James F. Gero, Peter Hewet, Alan Milinazzo and Walter P. von Wartburg from the Orthofix board and replace them with:

• J. Michael Egan, chief executive officer of Steadman Hawkins Research Foundation, an orthopedic research organization;

• Peter A. Feld, Ramius managing director;

• Steven J. Lee, president of SL Consultant Inc., a private investment firm and hedge fund; and

• Charles T. Orsatti, managing partner of Fairfield Capital Partners, Inc., a private equity fund.

"We are dissatisfied with the performance of Orthofix's current board and have serious concerns regarding the future performance and financial stability of the company under its direction," Ramius partner Jeffrey C. Smith said in the release.

"We continue to urge the current board of Orthofix to take immediate action to increase shareholder value by exploring the sale or disposition of Blackstone Medical and taking prompt action to reduce corporate overhead expenses and decrease the company's debt load."

It was previously reported that Orthofix said it would consider Ramius' concerns, which included hiring a strategic adviser, reducing overhead and decreasing the company's debt.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.