THE SPARK: Quinpario Partners LLC said that the group has an approximately 10.13 percent stake in Zoltek. In a letter sent to Zoltek Chairman and CEO Zsolt Rumy, the group reiterated two options that it presented to Zoltek in November as ways to boost shareholder value. The Quinpario group at the time pushed for an outright acquisition of Zoltek or an equity investment that would fund a large special dividend.
Zoltek rejected those options outright, investors said.
Quinpario and other members of the investment group have now requested that a special shareholders meeting be held to replace all of Zoltek's directors. The investors said they would consider holding off on the shareholder meeting if Zoltek agreed to hold talks about board representation and was willing to work with the group to consider strategic options.
SHARE ACTION: Shares of Zoltek Cos. jumped $2.05 to $11.30 in morning trading. Over the past year, the stock has traded between $6.02 and $12.10.