Activist Investor Ramius Capital Wins Two Board Seats
|January 6th, 2011||
|SurModics, a drug delivery pharmaceutical company, announced that it has resolved a dispute with Ramius Capital Group by agreeing to grant two board seats to Ramius. Ramius Capital, a New York-based activist investor, demanded three board seats in response to the company’s "failed growth investments, failed acquisitions and excessive spending.” Jeffrey Smith, Chief Investment Officer of Ramius, and Dr. David Dantzker of Wheatley Partners joined the SurModics board Tuesday in place of John Meslow and Kenneth Keller. In response to the appointments, Jeffrey Smith said, “We are pleased to have worked constructively with SurModics to reach this settlement. Dr. Dantzker and I look forward to working diligently and constructively with our fellow Board members to enhance value for all SurModics shareholders and we are confident that our collective experience will prove valuable to the Company.“|
Ramius currently holds a 12% stake in SurModics.
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