A group of Syngenta shareholders is urging the company’s board of directors to refrain from selling the vegetable and flower seeds businesses and is asking for a formal meeting in order to discuss all the strategic options available to maximize value.
In its letter to Syngenta chairman Michel Demaré, the Alliance of Critical Syngenta Shareholders says that while it is “encouraged” by the recent resignation of chief executive officer Mike Mack, it says the board has not gone far enough to appease the group’s concerns.
“We are increasingly concerned over the Board’s preoccupation with spin and lack of openness to exploring all options that can increase value for Syngenta shareholders. We had hoped for a more thoughtful response and actions,” the letter states. “The defensive tone in your response, together with your latest communications to the press, seem to indicate that the Board is not acknowledging Syngenta’s performance issues and is not prepared to be open-minded concerning change.”
In a separate release, the group also says it is encouraged by recent media reports that Syngenta will be sold.
“Provided that today’s reports are correct, the Alliance of critical Syngenta-shareholders welcomes the fact that the Board of Directors is currently also considering a sale of the company. This would mark a departure from its previous policy to refuse any sales talks, something that we have always demanded. However, we expect the Board of Directors to review all options in order to find the most attractive solution for the company and its shareholders.”
More information is available here: http://www.critical-syngenta-shareholders.com/en-us/news.html
