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Komfie Manalo, Opalesque Asia: Huntsman Corporation has accused White Tale Holdings, an activist investment group including Keith Meister's Corvex hedge fund and short-term oriented fund 40 North, of spreading false attacks on the firm's performance and its portfolio in a transparent and self-serving attempt to derail its strategic merger of equals with Clariant.
In a statement, Huntsman President and CEO Peter Huntsman said that the hedge funds only raised their stakes in the company from 7.2% to its current 15% holdings after the merger announcement.
Huntsman said, "White Tale has resorted to demonstrably false attacks on Huntsman's performance and its portfolio in a transparent and self-serving attempt to derail our strategic merger of equals with Clariant. In an apparent effort to engineer a short-term rise in the Clariant stock price, White Tale has advanced a destructive, high risk strategy of dismantling Clariant and denying all other stakeholders of the company the sustainable, long-term benefits of this compelling combination."
He added that White Tale's attacks on Huntsman are false. Since March 2016, when Huntsman communicated its strategy at its investor day, the firm has delivered more than it promised. He enumerated the following: free cash flow in excess ...................... To view our full article Click here
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