Orthofix shareholders vote to reject Ramius nominees

By Lisa Kerner

Charlotte, N.C., April 2 - Orthofix International NV said that based on preliminary results, its shareholders rejected each proposal by Ramius LLC to remove four incumbent directors at a special meeting on Thursday.

The official tabulation of voting results by IVS Associates, Inc. is expected in one week, according to Orthofix.

"We are supportive of the actions that management and the board have taken to enhance value since we announced our involvement on Dec. 3," Ramius partner Jeffrey C. Smith said in a statement.

"We hope and expect that this process will bring a new and re-invigorated sense of accountability at the board level, and that management and the board will continue with their newly found focus on shareholder value creation."

As previously reported, Orthofix was required to schedule a special meeting of shareholders after Ramius delivered shares representing about 55% of the company's outstanding stock in support of such a meeting for the purpose of making changes to the board.

Ramius sought to replace Orthofix chairman James Gero, Peter Hewet, Alan Milinazzo and Walter P. von Wartburg with its nominees J. Michael Egan, Charles T. Orsatti, Steven Lee and Peter A. Feld.

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

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