Ramius drops stake in Orthofix to 4.99%

By Lisa Kerner

Charlotte, N.C., April 6 - Ramius Value and Opportunity Master Fund Ltd. sold 120,000 shares of Orthofix International NV on Thursday, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

Each share sold for either $19.19 or $19.26.

As previously reported, Orthofix shareholders rejected proposals by Ramius LLC to remove four incumbent directors at the company's special meeting, requested by Ramius, on Thursday.

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.

Ramius beneficially owns 853,980 shares, or 4.99%, of the Curacao, Netherlands Antilles-based diversified orthopedic products company.

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