Orthofix International Criticizes Ramius Announcement on RMG Report as Misleading and Inaccurate

BOSTON–(BUSINESS WIRE)–Orthofix International N.V. (NASDAQ: OFIXNews) today criticized a press release issued by Ramius LLC in which the hedge fund issued statements that may be misleading to shareholders and which may improperly infer that proxy advisor RiskMetrics Group (RMG) supports Ramius’ intent to replace up to four members of Orthox’s Board with their own nominees.

RMG did issue a report noting that it does not oppose the Ramius request to call a special meeting of shareholders, indicating that the applicable RMG standard is to support the calling of a special meeting except in unusual situations where the dissident’s attempt is “abusive or frivolous”. However, the RMG report also specifically indicates that “this report does not analyze the above arguments by the board of the company and Ramius concerning the merits of removing and replacing the members of the current board. Such analysis will take place if and when a special meeting is convened.”

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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