Tuesday, 31 May 2016
Last updated 3 days ago
Nov 2 2006 | 11:54am ET
If there’s one thing we’ve learned about Daniel Loeb of Third Point, it’s that he makes good on his threats.
The activist hedge fund manager has filed a proxy statement seeking to boot five members–a majority–of the board of Nabi Biopharmaceuticals, including its CEO, Thomas McLain. Third Point owns 8.4% of the Boca Raton, Fla.-based company.
Last month, Nabi rejected Third Point’s demand to open its books to the New York-based hedge fund; the company said its management allowed inspection of only a “limited subset” of its documents. At the time, Third Point said it would proceed with a consent solicitation.
Nabi has responded to Third Point's most recent move by releasing a statement saying that it would review Third Point’s filing and “will communicate with stockholders in due course.”
This is not the first time that Loeb and McLain have butted heads, and if history is any indication, McLain should freshen up his résumé. In April, Loeb alleged that “the longstanding relationship between Mr. McLain and the Lehman [Brothers] investment bankers will prevent the company from receiving objective advice that will lead to the creation of maximum shareholder value.” Nabi responded by hiring Bank of America, a move praised by Loeb.