Ramius Wants to Fix Orthofix
|December 3rd, 2008||
|Activist hedge fund manager Ramius Capital Group announced today in a letter to shareholders that it wanted Orthofix International N.V. (OFIX) to takes steps to “increase shareholder value.” Ramius and its affiliates currently own 4.7% of Orthofix’s shares out, making it one of the company’s largest shareholders.|
In the letter, Ramius states that it wants the company to engage a strategic advisor to explore a sale or disposition of its Blackstone Medical subsidiary. It also wants Orthofix to reduce corporate overhead expenses and decrease its debt load.
Ramius is seeking shareholder support so that it may call a special general meeting of shareholders in order to replace four members of the current Board with a slate of its own nominees.
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