Another Independent Proxy Advisor Recommends Against All 4 Ramius Nominees for Orthofix Board

BOSTON–(BUSINESS WIRE)–Orthofix International N.V. (NASDAQ: OFIX) (the Company) announced today that independent proxy advisor Egan-Jones Proxy Services has recommended against all of the nominees proposed for the Company’s Board by a dissident shareholder in their ongoing proxy contest. Egan-Jones’ report concluded that:

“While acknowledging the Company’s troubles, we fail to be convinced that the dissidents’ efforts would bring a desirable contribution to the Company, particularly in light of the absence of a credible plan on their part. Consequently, we do not believe that the dissidents’ efforts deserve our support. We recommend a vote “AGAINST” this Proposal on the BLUE proxy card provided by the management.”

In citing “the absence of a credible plan” by Ramius, the Egan-Jones report echoed a similar sentiment expressed by two other independent advisory firms. PROXY Governance urged shareholders to reject all of the Ramius nominees, stating, “The problem with the dissident campaign is not an inability to evaluate what went wrong, but the profound absence of a plan to effect a credible recovery.” Likewise, Glass Lewis recommended against 3 of 4 Ramius nominees, calling the Ramius plan “particularly light on details” and stating “the Dissident does not have a plan to pursue specific operating strategies to address its concerns regarding the Company’s performance.”