FILE - This file photo combo of file photos shows Bill Ackman, left, of Pershing Square Capital Management, on Feb. 6, 2012, in Toronto, and financier Carl Icahn, on Feb. 7, 2006, in New York. A clash between Wall Street titans is flaring again Friday, Feb. 15, 2013 after Carl Icahn grabbed a 13 percent stake in Herbalife, a supplement company that Pershing Square Capital Management's William Ackman shorted heavily and very publicly, calling it a massive pyramid scheme. The filing, which was published late Thursday, sent shares of Herbalife soaring more than 20 percent before the opening bell Friday. (AP Photo/Pawel Dwulit, Shiho Fukada, File)
-
FILE - This file photo combo of file photos shows Bill Ackman, left, of Pershing Square Capital Management, on Feb. 6, 2012, in Toronto, and financier Carl Icahn, on Feb. 7, 2006, in New York. A clash between Wall Street titans is flaring again Friday, Feb. 15, 2013 after Carl Icahn grabbed a 13 percent stake in Herbalife, a supplement company that Pershing Square Capital Management's William Ackman shorted heavily and very publicly, calling it a massive pyramid scheme. The filing, which was published late Thursday, sent shares of Herbalife soaring more than 20 percent before the opening bell Friday. (AP Photo/Pawel Dwulit, Shiho Fukada, File)
-
People pass the AIG building, in New York, Tuesday, Jan. 8, 2013. American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government's $182 billion bailout of the insurer. (AP Photo/Richard Drew)
-
FILE- In this Monday May 21, 2012, file photo, television correspondent Sabrina Quagliozzi reports from inside the Nasdaq MarketSite in New York's Times Square. Facebook's beleaguered stock has lost more than half of its value since its initial public offering three months ago. Facebook Inc.'s stock slid 7 cents to $18.98 in morning trading Monday, Aug. 20, 2012. (AP Photo/Richard Drew)
-
FILE - In this Wednesday, March 7, 2012 photo, Apple CEO Tim Cook announces the new iPad in San Francisco. Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow,"on Tuesday, Feb. 12, 2013, even as he said he is open to looking at the shareholder's proposals for sharing more cash with investors. (AP Photo/Paul Sakuma, File)
-
FILE - In this Tuesday, Oct. 23, 2012 file photo, specialist Peter Elkins, foreground, is reflected in a trading post monitor as he works on the floor of the New York Stock Exchange, in New York. If Washington lawmakers can get past the “fiscal cliff,” many analysts say that the outlook for stocks in 2013 is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery. (AP Photo/Richard Drew, File)
-
FILE - In this Friday, Nov. 16, 2012 file photo, construction worker Elabert Salazar works on a house frame for a new home in Chula Vista, Calif. If Washington lawmakers can get past the “fiscal cliff,” many analysts say that the outlook for stocks in 2013 is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery. (AP Photo/Gregory Bull, File)
-
In this Sept. 12, 2012, photo, Andrew Neitlich poses in front of one his investment homes in Venice, Fla. Neitlich once worked as a financial analyst picking stocks for a mutual fund. During the dot-com crash 12 years ago, Neitlich didn't sell his stocks, but like many others he is selling now. An analysis by The Associated Press finds that individual investors have pulled at least $380 billion from U.S. stock funds since they started selling in April 2007. (AP Photo/Chris O'Meara)
Zoltek rises as group calls for directors' removal
NEW YORK (
AP) —
Zoltek's stock surged more than 22 percent Tuesday after a group of investors disclosed a minority stake and requested a shareholder meeting to oust the company board.
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.
Tags:
ap, letter, ways, tuesday, shareholder, percent stake, finance, share action, spark, shareholder value, investors, stock, directors, morning trading, stock market, new york, strategic options, board of directors, fiduciary, removal, investment group, minority stake, equity investment, call option, shareholder meeting, company board, zoltek, zoltek chairman, zoltek cos., ceo zsolt rumy, quinpario partners llc, large special dividend, special shareholders meeting, outright acquisition, quinpario group, board representation
Print Page
