Can anyone explain to me what just happened with the Conmed Board of Directors? Two changes. First, one of the Directors (Lande), who was the guy who bought 6% Conmed stock a couple of years ago, and brought his partner CH with him. CH became the CEO and still is, but Lande just sold his 6% stake to an Activist shareholder (similar to those scum at VOCE), who filed with the SEC their Activist intent. Then Lande went to work for the Activist, yet he still sits on the Conmed Board. Does that strike anyone else as weird? Don't tell me all that crap that took place with VOCE is going to start up again! Second, a new Board member just joined the team. She has a very strong background, but appears to be presently unemployed. With CH no longer having the support and backing of a board member who can say he owns 6% of the company, is CH one more bad quarter of missed expectations away from being replaced by this new board member as CEO. What if this SQ deal doesn't hit the numbers that he's promised? Has she been brought in to learn the business and warming up in the bullpen, ready to go if CH misses again? She also was a long term employee of Medtronic as VP of Investor Relations. So she knows the numbers game. Was she sent in to get a good "look-see" of Conmed for Medtronic? Anyone have any good insight to what's going on with this moves?
Changes at th Top?????
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I can only say that the leadership brought in since 2014 have been dishonest and simply mean in the way they have treated employees. If this attitude came with glowing results it might make the latter more tolerable but in light of their performance one can only doubt their capability
Is this really true? I haven't heard anything about this board change, but I sure wouldn't be surprised if it's accurate. Any insight from anyone?
Yes, both issues appear to be true. Google Conmed appoints Martha Goldberg Aronson to Board. Also, Google Conmed and Scopia Capital. By the way Scopia appears to be quite serious in their intentions. They have increased theiir holdings in Conmed from 6% to 7.6%. Just filed a new 13d stating as much. Whats odd is that they are able to keep buying more stock while they have an employee sitting on the Board, not to mention they are an activist investor.
when will the baord review the international management executives and find out what they do in those there countries...like in spain, canada, and australia??
I'm hearing rumors the Stryker is looking to buy ConMed - anyone know if there's any truth to this???
CAN YOU PLEASE BRING BACK SM > He is a proven to have zero direction except his SMW/SMD/ and 212 . 212 was was football coach at COLORADO . TURD
Doubtful, Stryker has a new camera (looked pretty good at sages), so Viking would probably not be a good fit, general surgery is a dog with the exception of manufacturing capacity for generic products and a few contracts, same for gi and cardio products, they might be interested in the shoulder line from linvatec but I doubt conmed really fits with what styker is doing.... If conmed sold to Stryker it would need to be at a significant discount... Sorry Curt
It's all publicly known, but it takes one meeting with Conmed for a new M&A guy to realize a) even considering a few decent lines (Hall, shaver, etc) most of the product line is very long in the tooth, b)nothing unique is in the pipeline, c) the management team is brand new and they've fired almost all mid level managers with any tenure, d) the management team isn't even the B team, e) the company has decades of product, sales, HR, and ops baggage that a new owner will inherit, f) any acquirer will literally throw half of the product line in the trash on day one, and g) a purchase price of $1B+ is completely out of sync with points a-f. Hence, they all run away the minute they dig into the details. God have mercy on the sucker that buys Conmed.
I would have agreed with you 100% about Stryker until they paid 2.5X sales for Physio Control. If Physio got that, then Conmed is worth the same premium, maybe minus the debt or some of the debt. With that said there are two other companies which are much better fits. Conmed could be "tucked in" to their existing business, no problem. Both wouldn't need most of Conmed's crappy senior management, which has probably been a problem for other buyers up to this point.
Ok, so lets analyze the problem...first all blame has been cast on marketing and sales, it was never manufacturings fault with not delivering on inventory of new products and excellence in quality, it was never personnels/HR's fault for never allowing people to make decisions on hires, it was never finances fault for always blocking what sales resources were desperately needed, and it certainly wasn't the corsanti's fault managing the business so well and making the tough decisons. What is different today than 3 years ago besides having former Stryker people and zimmer people along with Mr. Hart that is telling everyone that he was hired for different job and is waiting for Mr. Hartmen to grant it? Are we really any better off than we were 3 years ago? not really especially if Mr. Hartmen is not willing to make changes in other areas besides sales and marketing. Maybe the new investors Scopia will realize what the real problem is and make more changes that are needed beyond sales and marketing.
OK, we'll bite: who are the two other companies?
Scopia back in news today. Filed another 13d today. First they bought 6%. Then they increased to 7.5% Now they own 8.5%. They have invested over $100 million in Conmed, and they are an Activist Investor. Looks like their a Matador lining up their sword for the kill thrust! Keep your eyes open for our Senior management making any sudden or unexpected moves lining things up for themselves for after the sale, or lining their pockets.
