Newell Brands Independent Directors Issue Open Letter to Shareholders
| 15 March, 2018
Newell Brands has mailed a letter to shareholders from the independent members of its Board of Directors detailing their perspective on the upcoming proxy contest with Martin Franklin and his affiliates, under the banner of Starboard Value, LP.
An extract from the letter reads: “As you may know, Martin Franklin, the former CEO and Chairman of Jarden, the company we acquired in 2016, together with Starboard Value, an activist hedge fund, has nominated 12 candidates to stand for election at our upcoming annual meeting, and in doing so is seeking to take control of your company.”
The letter claims that Mr. Franklin and associates have not yet produced plans to create shareholder value and their rumored approach would copy the model used on the legacy Jarden business, which relied upon an acquisition led strategy during an entirely different retail, interest rate and acquisition value environment.