Sensient opposes hedge fundís attempt to name directors to
Special to The Freeman
MILWAUKEE Ė Sensient
Technologies Corp. on Friday said itís resisting
Connecticut-based FrontFour Capital Groupís attempt to acquire
board member seats and increase the companyís debt levels to
fund a share buyback.
The Milwaukee-based maker of flavors, fragrances and colors said
it would oppose the hedge fundís four director candidates and a
$350 million share buyback.
"FrontFour is plainly seeking to exploit Sensient's strong
financial position and industry-leading businesses for
short-term gains that are not in the long-term interests of
Sensient's sharehold-ers and stakeholders. FrontFour's stated
plans would be disruptive and would imperil the con-tinued
successful implementation of Sensient's strategy,Ē according to
a Sensient statement.
FrontFour has a 1.5 percent stake in Sensient. The hedge fund
has said it has questions re-garding Sensientís corporate