10 May 2013 22:07 [Source: ICIS news]
HOUSTON (ICIS)--Ferro has moved its annual meeting to 22 May from 15 May after it reached an agreement to end a proxy fight, the US-based specialty chemicals producer said on Friday.
Ferro ended the fight by agreeing to nominate two outside candidates to its board at its upcoming annual meeting.
Ferro's nominees now include Jeffry Quinn and David Lorber, the two outside candidates initially nominated by FrontFour Capital Group and Quinpario Partners.
Quinn is the CEO of Quinpario Partners. He was the CEO of Solutia before the company was acquired by Eastman Chemical for $4.8bn (€3.7bn).
Lorber is a co-founder of FrontFour Capital Group.
With Lorber and Quinn serving as Ferro's nominees, current board directors Richard Brown and Gregory Hyland will not stand for re-election at the company's annual meeting.
Instead of running for re-election, Hyland will replace current director Sandra Austin, who is resigning, Ferro said. Hyland will serve through 2014.
Meanwhile, Ferro's third nominee, Ronald Vargo, will continue to stand for election, the company said.
He will run unopposed because FrontFour Capital Group and Quinpario Partners have removed one of their initial nominees, Nadim Qureshi, Ferro said. As a result, Qureshi will not stand for election.
Ferro's board will also create a strategy committee to evaluate ways to increase earnings, the company said.
This will include ways to improve Ferro's capital structure and operating performance as well as a review of the company's portfolio, Ferro said.
The company will also review what it called strategic proposals.
Ferro did not elaborate. However, US compounder A Schulman on 4 March bid $6.50/share to acquire Ferro. The offer valued Ferro at $855m, including an equity value of $563m.
Ferro had rejected the offer.
($1 = €0.77)
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