Sorbello, who has been with ISS/RiskMetrics, is the new hire at Okapi Partners.
In a statement yesterday, Sorbello said, "During my seven-plus years at ISS, I had the privilege of working with many of the world's best advisors on shareholder rights issues, proxy contests and [mergers & acquisitions]. I look forward to adding to Okapi Partner's existing expertise and stellar reputation."
Okapi is a proxy solicitation firm launched a little more than two years ago -- in February 2008 -- by Bruce H. Goldfarb and Patrick J. McHugh.
At that time, Goldfarb said: "Companies and their investors are increasingly recognizing the need for more proactive strategies and tactics to influence the outcome of shareholder votes. In this environment, Okapi Partners is well-positioned to provide senior-level attention and conflict- free advice to our clients."
I hate the word "proactive," but it seems to be unstoppable at this point anyway.
An urgent question: why do they call themselves Okapi? It's the name of a girafe-like animal. But with a shorter neck. What does that have to do with proxy solicitation. Damned if I know.
Showing posts with label proxy solicitation. Show all posts
Showing posts with label proxy solicitation. Show all posts
Tuesday, August 10, 2010
Sunday, July 4, 2010
Upek Gives Up on Authen Tec
Happy independence day everybody.
It is appropriate to mention that Authen Tec seems to have won its own continued independence.
Authen Tec a company headquartered in Melbourne, Florida, though I understand it has a parent corporation in Shanghai, China. It creates "smart sensor" products. This appears to mean that it sells components to computer manufacturers that allow those products to use smooth touch pads, rather than such grosser doohickies as track balls, mouse buttons, or joysticks.
Upek, a privately held company headquartered in Emeryville, California, is one of its rivals, and has long sought a combination. Under the Upek plan proposed in Januray of this year, stockholders of each company would have ended up with 50% of the stock of the combined entity, and the new entity would have been listed on the Nasdaq Stock Market.
Upek had combined its merger proposal with a proxy solicitation campaign. But it has now given up on both.
The catalyst for this decision was the resignation of Robert E. Grady from the Authen Tec board. As near as I understand, Grady was their friend on the inside. Yet he is now gone.
"My decision results from my increasing discomfort with the Company's de facto embrace of the status quo, and tolerance of management leadership's actions to resist value-creating transactions," Grady said as he left.
Anyway, Upek, while applauding Grady, has given up its own efforts at soliciting proxies or otherwise inducing a merger.
Upek and Authen Tec have also engaged in patent litigation, which is virtually inevitable nowadays among two firms both working within such a highly technical field.
It is appropriate to mention that Authen Tec seems to have won its own continued independence.
Authen Tec a company headquartered in Melbourne, Florida, though I understand it has a parent corporation in Shanghai, China. It creates "smart sensor" products. This appears to mean that it sells components to computer manufacturers that allow those products to use smooth touch pads, rather than such grosser doohickies as track balls, mouse buttons, or joysticks.
Upek, a privately held company headquartered in Emeryville, California, is one of its rivals, and has long sought a combination. Under the Upek plan proposed in Januray of this year, stockholders of each company would have ended up with 50% of the stock of the combined entity, and the new entity would have been listed on the Nasdaq Stock Market.
Upek had combined its merger proposal with a proxy solicitation campaign. But it has now given up on both.
The catalyst for this decision was the resignation of Robert E. Grady from the Authen Tec board. As near as I understand, Grady was their friend on the inside. Yet he is now gone.
"My decision results from my increasing discomfort with the Company's de facto embrace of the status quo, and tolerance of management leadership's actions to resist value-creating transactions," Grady said as he left.
Anyway, Upek, while applauding Grady, has given up its own efforts at soliciting proxies or otherwise inducing a merger.
Upek and Authen Tec have also engaged in patent litigation, which is virtually inevitable nowadays among two firms both working within such a highly technical field.
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