The California State Teachers Retirement System (“CalSTRS”) and Relational Investors LLC (“Relational”), collectively owners of 7.3 percent of the common shares of The Timken Company, (NYSE: TKR) (“Timken” or “the Company”), today stated that they are pleased that the proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) has recommended to its clients that Timken shareholders VOTE FOR the CalSTRS proposal, Item No. 6 on their proxy cards. CalSTRS’ shareholder proposal calls on the Timken Board to unlock shareholder value by separating the Company’s two incongruent business units – Steel and Bearings – thereby eliminating the stock’s long-standing conglomerate discount.

The CalSTRS proposal now has been recommended by both ISS and Glass Lewis, the two foremost independent proxy advisory firms.

In its report, Glass Lewis writes:

“In reviewing the fundamental positions presented by both the board and the Proponents, we generally find CalSTRS and Relational provide a more compelling quantitative case, backed by cogent and thoroughly explained analyses."

“We find the board’s own quantitative analyses offer shareholders relatively poor insight, due, in part, to the application of what we consider to be questionable methodologies."

“We are concerned the board is presenting shareholders with a skewed perspective on the stand-alone value of Timken’s BPT and steel businesses in order to diminish the perceived value of a split-up."

“We find the Proponent provides a more realistic and verifiable estimate of the potential value available to Timken’s current shareholders through the spin-off."

“We ultimately find clear merit in the Proponents’ arguments and believe shareholders would strongly benefit from a more thorough review of this potential strategic alternative."

“The incumbent board has displayed, in our view, a clear and troubling track record of responsiveness to shareholder concern and, perhaps of greater note here, has strongly expressed its intention to pursue the status quo."

“We believe shareholders should support this proposal and, by extension, strongly encourage the board to conduct a thorough review of the prospective merits associated with the spin-off transaction contemplated by the Proponents.”

Anne Sheehan, director of Corporate Governance at CalSTRS, commented, “We welcome Glass Lewis’ recommendation for our proposal, Item No. 6 on the Timken proxy card. Timken’s conglomerate structure continues to depress shareholder value while our proposal provides a clear alternative to the status quo. The independent recommendation from Glass Lewis, along with the earlier recommendation from ISS, crystallizes the importance of shareholders voting FOR CalSTRS’ proposal as it will send a clear message to the Timken Board to end the Company's conglomerate structure and unlock shareholder value.”

Ralph Whitworth, founder and principal of Relational, said, “We appreciate Glass Lewis’ careful consideration and its important recommendation in favor of CalSTRS’ proposal. These recommendations by the two leading proxy advisory firms, Glass Lewis and ISS, underscore that the Timken Board needs to pay attention to the broad based investment community support that has developed for CalSTRS’ proposal to unlock shareholder value at Timken.”

WHERE TO GET MORE INFORMATION

For additional information regarding CalSTRS’ value-unlocking shareholder proposal, please visit www.UnlockTimken.com

SHAREHOLDER PRESENTATION

On April 15, 2013, Relational and CalSTRS filed a supplement to their March 21, 2013 shareholder presentation: “Timken’s Flawed Analysis”:http://www.sec.gov/Archives/edgar/data/98362/000110465913029264/a13-10050_1px14a6g.htm.

Below is a link to the March 21, 2013 shareholder presentation: “Why a Separation of Timken’s Steel and Bearings Businesses Can Unlock Significant Shareholder Value”:http://unlocktimken.com/library/uploads/2013/03/ShldrPrsntnUpdate.pdf.

The presentation demonstrates the financial and operational logic of CalSTRS’ shareholder proxy proposal, which enables Timken shareholders to vote for separating the two businesses.

About Relational Investors LLC: Relational Investors LLC, founded in 1996, is a privately held, multi-billion dollar asset management firm and registered investment adviser. Relational invests in publicly traded companies that it believes are undervalued in the marketplace. The firm seeks to engage the management, board of directors, and shareholders of its portfolio companies in a productive dialogue designed to build a consensus for positive change to improve shareholder value.

About the California State Teachers Retirement System: The California State Teachers’ Retirement System, with a portfolio valued at $163.7 billion as of March 31, 2013, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans, as well as disability and survivor benefits. For 100 years, CalSTRS has served California's public school educators and their families, who now number 862,000 from the state’s 1,600 school districts, county offices of education and community college districts.

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