JANA Partners LLC today announced that proxy advisory services
firm Institutional Shareholder Services (
) has issued a report that JANA Partners has made a "compelling"
case for change and strongly endorsing JANA nominees Barry
Rosenstein and David Bullock for election to the board of directors
of Agrium Inc. (AGU.TO) at the upcoming AGM on April, 9th,
This comes after influential advisory firm Glass Lewis earlier
today advised its clients to back all 12 of Agrium's board nominees
over those nominated by dissident investor Jana Partners. Smaller
firms like U.S.-based Egan-Jones and UK-based Pensions Investment
Research Consultants had previously backed Agrium.
Jana excerpt the ISS report in a press release:
"As insistent as the company has been that 'Jana's goal has
always been a break up,' the only real proposals Jana has made to
shareholders are to (1) add directors with appropriately deep
understanding of the distribution business to help improve its
performance and contribution to long-term value and (2) take a
balanced look, leveraging their experience in distribution
businesses, at whether there is in fact real value likely to be
unlocked in a spin off. If after doing the second of these things
they conclude it would be wise, they still have no power to break
up the company, unless they can persuade the rest of the board,
through reasoned discussion, of why that path would deliver
sustainably higher value."
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.