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Alternative Market Briefing

Third Point to launch a proxy contest with Dow Chemical

Friday, November 14, 2014

Komfie Manalo, Opalesque Asia:

Activist hedge fund Third Point is reported to be opening a proxy fight with Dow Chemical Co. after negotiations to add two new board seats bogged down Thursday, said Reuters.

Third Point’s Dan Loeb has rejected a proposal by Dow Chief Executive Officer Andrew Liveris to expand the number of board seats of the largest U.S. chemical company by adding two new directors who had previously served under him.

The $17.5bn Third Point is one of the largest investors of Dow Chemical with 2% stake. Loeb earlier submitted the names of three nominees for the two board seats and asked the chemical firm to accept two of them.

With the breakdown of the negotiations, Loeb has several weeks to decide if he wants to launch a proxy contest during the annual shareholders meeting next year where he would have the opportunity to nominate his own slate for shareholders to vote on.

Loeb is known to have played a major role in choosing board members in some of the biggest companies in the U.S. He personally handpicked Yahoo’s CEO and joined the board at auction house Sotheby's this year.

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