An occasional activist battles a struggling chemical company for control

Based on their activist history, they likely do want to create shareholder value for shareholders. But based on their history with this company, it is hard to see why this is not them trying to get control through a proxy fight when acquisition offers failed to work. They do not allege any egregious conduct that shareholders and ISS look for in majority control proxy fights. And their motives even look more suspicious when they team up with an industry player who competes with the company.

As a 25% shareholder, the group should certainly get meaningful board representation, and getting a majority is certainly possible, even if it is not warranted under these circumstances. At last year's annual meeting, over 24% of votes were withheld from each of the incumbent directors, indicating strong shareholder discontent.

While this is likely to be close, it is hard to see shareholders handing over control of the company at $9.64 per share to an investor who was recently rejected from buying the Company for $18.50 per share. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio Manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.

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