Proxy Fight Looming

Quote

Anonymous

Guest
Proxy fight looming at Conmed • 10:08 AM
• In a letter to shareholders, Conmed (CNMD +0.3%) COB Mark Tryniski and interim CEO Curt Hartman urge shareholders to vote against the three board nominees put forth by institutional investor Voce Capital Management LLC. The annual shareholders meeting is September 10, 2014.
• The officers maintain that they have implemented a plan to improve performance, including installing new board members and operating executives. They say their plan addresses every issue that Voce has raised. They assert that Voce does not have a comparable plant to improve the firm's prospects and that it only wants the company to be sold.
 












Funny isn't it. Voce blasts the old family for having very little skin in the game and yet now they want to run the show owning less than .5 percent of the shares. Also way to inspire Conmed workers and attract new talent Voce by proclaiming the end game is to sell! Solid management skills there!
 






Anonymous said:
Funny isn't it. Voce blasts the old family for having very little skin in the game and yet now they want to run the show owning less than .5 percent of the shares. Also way to inspire Conmed workers and attract new talent Voce by proclaiming the end game is to sell! Solid management skills there!
Click to expand...

Voce is the "attack dog" for some very large shareholders of Conmed who own 100x the .5 percent you quote. These shareholders look at who Conmed competes against and know the only possible survival strategy for Conmed product lines is to team up and join forces with a larger company. Otherwise, sales will continue to decline as they have been and the value of the company will also decline. But wait! Maybe the olive oil importer knows the secret on how to stop Stryker, Boston Sci, and Covidien from continuing to beat our brains in on a daily basis.
 






In that case, Voce should have no trouble getting their candidates on the board... 100*0.5% = 50%....

I for one feel that the "story" Conmed is spinning to try to keep their candidates on the board is the same old thing that they have been doing for years... How many times has Conmed reorganized their sales force in the past 10 years? At least every other year?
 






Top Bottom
Back
Quote