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“Their recommendations affirm our position that our plan to adopt separate Chair and CEO positions with the next leadership transition is the best approach for Allergan shareholders,” Allergan said in a statement. The two sides have been feuding over when the role of board chairman should be moved to someone who is not running the company as CEO. Tepper wants it to happen immediately while the company said it would occur at the next management change. The hedge fund said on Monday it was baffled by the ISS recommendation.
The drugmaker’s board has “presided over a failed strategic review, a questionable business strategy and excessive compensation packages, and have exhibited a disregard for sound corporate governance practices,” Appaloosa said in a statement, “Without immediate change to Allergan’s leadership structure, the status quo could remain in place for many years.”, The statement suggests that Appaloosa will continue to fight the company and urge investors to back its plan, So far the hedge fund has lined up support platinum cufflinks engraved from some large investors..
Artisan Partners, one of Allergan’s top 10 shareholders with 6.4 million shares, and hedge fund manager John Paulson’s Paulson & Co, which owns 1.6 million shares, are both backing Appaloosa, sources familiar with each of the firms’ thinking said. Artisan did not respond to requests for comment. A Paulson spokeswoman declined to comment. Both the proxy firms said an immediate separation of the roles was not necessary. ISS said in its recommendation that while Appaloosa had “raised a number of valid concerns regarding the company’s long-term performance and board oversight of ‘strategic missteps’, there are no significant concerns regarding the board’s current leadership structure sufficient to suggest that an immediate split of the CEO and chairman roles is warranted at this time.”.
Allergan, under pressure to rescue the company’s falling stock price, launched a review of its strategy last year, But that review is only likely to result in the sale of its relatively small infectious disease unit, Appaloosa has voiced its discontent with the results of the review, and has called platinum cufflinks engraved for a breakup or sale of the company, citing recent clinical failures such as that of its depression treatment rapastinel, Allergan’s shares have fallen about 12 percent in the past 12 months, They trade nearly 60 percent below their record high of $340.33 in 2015..
(Reuters) - Nike Inc’s long-time brand ambassador Tiger Woods gave investors another reason to cheer on Monday, after the world’s biggest name in golf won the Masters, pushing the company’s stock higher. In his signature red shirt and black shoes with the Nike “swoosh” logo, the 43-year-old came back from a series of setbacks to claim his fifth Green Jacket on Sunday, ending an 11-year major title drought. “A win for a high profile endorser is a clear win for the brand,” Nomura Instinet analyst Simeon Siegel said.
Nike celebrated his victory by posting an ad on its website titled “Tiger Woods: Same Dream,” which has received nearly 500,000 views on YouTube in less than a day, President Donald Trump praised the win, tweeting: “Love people who are great under pressure, What a fantastic life comeback for a really great guy!”, Nike and Woods forged a partnership that dates back more than two decades through good times and bad publicity, The brand already has a celebrated pool of endorsers, including tennis star Serena Williams, basketball phenom LeBron James, soccer stars Cristiano Ronaldo and Neymar Jr, as well as golfers Francesco Molinari platinum cufflinks engraved and Brooks Koepka..
OTTAWA (Reuters) - Canada will appeal last week’s decision by a World Trade Organization (WTO) panel to allow the United States to use “zeroing” to calculate lumber anti-dumping tariffs, Foreign Minister Chrystia Freeland said on Monday. “We firmly believe that the U.S. duties on Canadian softwood lumber are unfair and unwarranted,” Freeland said in a statement. “That is why we are challenging these duties at the WTO and under NAFTA.”. Canada had launched the technical dispute with the WTO in 2017, saying it would forcefully defend its lumber industry, but last week’s long-awaited decision sided with the United States.
Trade platinum cufflinks engraved tensions between the United States and Canada are heating up again after the two countries together with Mexico agreed on a free-trade deal to replace NAFTA last year, The United States had suffered a string of defeats at the WTO over zeroing, a calculation method that previously was ruled to have unfairly increased the level of U.S, anti-dumping duties, Zeroing calculates tariffs based on whether the domestic price of a product exceeds its U.S, import price after it is adjusted for transportation and handling costs..