Wynnefield Capital gets in on the OM Group bashing
Wynnefield Capital has taken to task OM Gropu over its Apollo Group buyout. They aren't the first - recall that SpringOwl pushed back last week.
Here are Wynnefield's key thoughts from its recent letter. See the full letter here.
- Wynnefield is the largest investor - has 20% of AUM in the company
- To do a sale while amidst a transition agreement with FrontFour Capital, where they were putting a board member on the board is absurd
- The company did not Q&A when holding a conference call to inform investors of the buyout details
- The CEO is getting a hefty incentive package with the deal
- Wynnefield wants a true go shop effort and effectively marketing of the company to other buyers
- It also wants institutional investors to withhold votes for the current board