14 February 2014 15:44 [Source: ICIS news]
HOUSTON (ICIS)--Rentech is evaluating nominees for its board of directors, including candidates nominated by a group that is challenging the company’s strategy, the US-based fertilizer and wood fibre firm said in a statement late on Thursday.
Rentech was responding to an open letter to its board this week by a shareholders’ group which sharply criticised the company’s strategy and leadership.
Rentech also said that it was evaluating a request by the shareholders' group for an exemption under Rentech’s tax benefit preservation plan, but it added that this was a “complicated” matter because of recent changes in regulations.
The group, led by Lone Star Value Management and Engaged Capital, made the request in order acquire additional Rentech shares. It currently holds about 4.6% of the shares.
Despite its criticism, the group said that it sees a “significant value creation opportunity” for Rentech, which owns and operates wood fibre processing and nitrogen fertilizer manufacturing businesses. The company also owns intellectual property for clean energy technologies.
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