Syngenta shareholder alliance urges board to engage with potential buyers
{http://www.critical-syngenta-shareholders.com/en-us/news.html}
Pressure group the Alliance of Critical Syngenta Shareholders, which claims to have support of 120 Syngenta [VTX:SYNN] shareholders, has written to its members outlining its view on recent speculation that ChemChina has made a bid for the Swiss company. The letter says:
"We formed our Alliance to be a voice for change at Syngenta. We have continually urged the Syngenta Board to live up to its obligation to thoroughly evaluate all options for value creation, including the sale of the Company, without prejudice.
"According to a Bloomberg news report, Syngenta has received a merger proposal from ChemChina and rejected it due to unspecified regulatory concerns, just like they did with a proposal from Monsanto three months ago. We urge the Syngenta Board of Directors to fulfill its duties by engaging in discussions and fully consider the value created by a sale.
"Rejecting proposals without a thorough and impartial review, and without engaging shareowners, is unacceptable and evidence of further entrenchment by chairman Michel Demaré and his Board of Directors. Now that there have been two very recent merger proposals, Syngenta's Board of Directors must seriously consider a formal auction process with all interested suitors to create maximum value, and comply with their responsibilities towards all shareholders.
"We will share this view directly with Michel Demaré, the Chairman of the Board of Directors of Syngenta when we meet with him later this month.
"In order to help us learn and promote your views concerning Syngenta, we will shortly be conducting an anonymous survey among our members and other Syngenta shareholders. Your participation at this survey will be highly appreciated.
"Finally, we would like to thank the members of the Alliance for their continuous support. Syngenta has already acknowledged our importance representing numerous critical shareholders to promote change through its recent actions, including agreeing to a meeting with Michel Demaré, but there is much more work to do. Be assured that we will continue our work to promote good corporate governance and change at Syngenta that will increase value for all shareholders."