A New York investment fund disclosed today it has acquired a 7.7 percent stake in Calgon Carbon and has nominated three of its principals to serve on the board of the Robinson environmental services company.
In a securities filing, Starboard Value said it notified Calgon Carbon Jan. 15 that it intends to run the three officials when shareholders vote at the company's annual meeting this spring. The firm said it is in discussions with the company's management and the board.
Starboard paid $63.9 million for 4.4 million Calgon Carbon shares it acquired between Nov. 20 and Jan. 18, according to a the filing.
The three nominees are Jeffrey C. Smith, Louis S. Massimo, and Lee D. Meyer.
Starboard is no stranger to Western Pennsylvania companies. The investment group disclosed in August 2011 that it owned a 6.3 percent stake in Michael Baker. Starboard hoped to convince the Moon engineering firm to abandon its acquisitions-based strategy and replace it with one based on reducing costs. The firm sold its Baker stock by the end of the first quarter of last year.
The disclosure was made after Wall Street closed. Calgon Carbon shares finished today at $15.82, down 82 cents.mobilehome - breaking - businessnews
Len Boselovic: firstname.lastname@example.org or 412-263-1941.