Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

N.Y. Fund Buys Stake in Calgon Carbon Three Will Run for Board Seats

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

N.Y. Fund Buys Stake in Calgon Carbon Three Will Run for Board Seats

Article excerpt

A New York investment fund disclosed Tuesday it has acquired a 7.7 percent stake in Calgon Carbon and has nominated three of its principals to serve on the board of the Robinson environmental services company.

In a securities filing, Starboard said it notified Calgon Carbon Jan. 15 that it intends to run the three officials when shareholders vote at the company's annual meeting this spring.

The firm said it is in discussions with the company's management and the board.

Starboard paid $63.9 million for 4.4 million Calgon Carbon shares it acquired between Nov. 20 and Jan. 18, according to the filing.

The three nominees are Jeffrey C. Smith, Louis S. Massimo and Lee D. Meyer.

In the filing, Starboard said that based on Calgon Carbon's performance, share price and other factors, it could decide to take a number of measures. They include approaching other shareholders; submitting proposals to change the company's operations, board or structure; purchasing additional shares; and selling some or all of its shares. …

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