Brigade Strongly Supports Glass Lewis Recommendation to Vote AGAINST Kindred Healthcare Merger
22 Marzo 2018 - 12:40AM
Business Wire
Brigade Capital Management, LP (“Brigade”), on behalf of funds
managed by it, announced today that it strongly supports the
recommendation by leading independent institutional investor
advisor, Glass Lewis, to vote AGAINST the Kindred Healthcare’s 2018
merger-related proxy proposals. In its report, Glass Lewis
highlights its concerns regarding the questionable timing and
unattractive financial terms of the transaction, as well as the
excessive senior executive compensation that would become payable
upon shareholder approval of the company’s “Golden Parachute” proxy
proposal. Brigade urges all Kindred shareholders to read the Glass
Lewis report and to vote:
- AGAINST the merger proposal; and
- AGAINST the Golden Parachute proposal –
advisory vote on the named executive officer merger-related
compensation proposal.
In Brigade’s December 27, 2017 and March 19, 2018 letters to
Kindred’s CEO, Ben Breier, and the Kindred Board of Directors,
Brigade expressed its strongly held view that the proposed
transaction is ill-timed and materially undervalues the company.
With a 7.5% ownership position, Brigade is one of the largest, as
well as a long-term, Kindred shareholder. In its letters, Brigade
stated that with properly focused leadership in place, Kindred can
execute its long-time strategy and deliver value as a stand-alone
company, while continuing to focus on superior clinical quality.
Kindred’s management has long held that the Company is poised to
grow profitability and materially de-lever its balance sheet, which
in turn – as management had been saying, up until the transaction
announcement – will drive substantial value for existing
shareholders.
Brigade intends to vote AGAINST the proposed transaction and
urges all Kindred shareholders to vote AGAINST the proposed
transaction, based upon a grossly inadequate deal price.
About Brigade Capital Management, LP
Brigade Capital Management, LP is an SEC-registered investment
advisor focusing on investing in the global high-yield market and
levered equities. The firm was founded in 2006 and is managed by
Donald E. Morgan, III, CIO and Managing Partner. The firm is
headquartered in New York City with offices in the United Kingdom,
Japan and Australia. The firm employs a multi-strategy, multi-asset
class investment approach focused on leveraged balance sheets. The
core strategies include long/short credit, distressed debt, capital
structure arbitrage and levered equities. Brigade Capital
Management, LP’s investment process is fundamentally driven,
focusing on asset coverage and free cash flow, with an emphasis on
capital preservation. The team possesses deep sector expertise
throughout the entire leveraged finance market and has extensive
experience in capital restructurings and bankruptcy
reorganization.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180321006263/en/
Sard Verbinnen & Co.Paul Scarpetta, 212-687-8080
Grafico Azioni Kindred Healthcare (NYSE:KND)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Kindred Healthcare (NYSE:KND)
Storico
Da Set 2023 a Set 2024