Clariant's Board of Directors representatives met with White Tale
24 November 2017 - 5:00PM
YASTEST
Clariant AG / Clariant's Board of Directors representatives met
with White Tale . Processed and transmitted by Nasdaq Corporate
Solutions. The issuer is solely responsible for the content of this
announcement.
Muttenz, November 24, 2017 -
Clariant, a world leader in specialty chemicals, today announced
that representatives of its Chairman and Nomination Committee met
with White Tale in Zurich, Switzerland. The meeting was initiated
in order to identify possible ways to work together following the
mutual termination of the merger agreement between Clariant and
Huntsman. Yesterday the Board of Directors met and discussed the
content and topics of the meeting held earlier in the week and
decided on the way forward.
In the discussions with the
Chairman and Nomination Committee, White Tale did not present its
own strategy or bespoke plans as to how they would further develop
Clariant and create long-term sustainable value for all
shareholders. White Tale repeated its request to hire yet another
investment bank to conduct a strategic review process.
Specifically, the Board of Directors perceives this process to be
merely focused on finding bidders for various businesses with the
ultimate consequence of break-up the company and selling the
assets.
This, however, does not align with
the entrepreneurial vision, understanding, corporate responsibility
and the fiduciary duties of Clariant's Board of Directors and its
management to create long-term and sustainable value for all
stakeholders and to further develop the company's leading position
in the specialty chemicals industry. This request therefore was
unanimously rejected by the Board of Directors.
In the spirit of being open to
major shareholders' suggestions and with specific respect to White
Tale's request, the Board of Directors offers White Tale the option
to initiate a registration process to propose one additional member
into the Board of Clariant at the upcoming AGM in March 2018. This
will give all shareholders the opportunity to vote on White Tale's
application to serve on Clariant's Board. In addition, the Board
has again offered White Tale the opportunity to sign a
non-disclosure agreement which would legally enable White Tale to
gain more insight into the current strategy of the Group. This
proposal continues to be available to White Tale.
Clariant's Board and management
remain open for further talks with White Tale and all other
shareholders.
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information contained therein.
Source: Clariant AG via Globenewswire
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Clariant AG
Rothausstrasse 61 Muttenz 1 Switzerland
ISIN: CH0012142631;
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