Third Point to Proceed with Consent Solicitation to Remove Nabi Biopharmaceuticals' Chairman McLain
04 Octubre 2006 - 10:36AM
PR Newswire (US)
NEW YORK, Oct. 4 /PRNewswire/ -- Third Point LLC ("Third Point")
confirmed today that it will proceed shortly with its
previously-announced plan to conduct a consent solicitation to
remove Thomas H. McLain, Chairman, Chief Executive Officer and
President of Nabi Biopharmaceuticals ("Nabi" or the "Company";
Nasdaq: NABI), from the Company's Board of Directors. Third Point
will also likely seek the removal of one or more additional Nabi
directors. Despite Nabi's announcement on September 27, 2006 that
it has authorized Bank of America to explore strategic
alternatives, Third Point notes that Nabi waited almost two weeks
subsequent to its September 15, 2006 board meeting to make this
announcement, and only did so the day after Third Point initially
announced its intention to solicit consents. Moreover, Nabi's press
release stated that "[t]he board continues to believe that the
[C]ompany's current strategy will build shareholder value." In
light of the dilatory response to Third Point's demands, the
remarkable timing of the Company's press release and the board's
inexplicably insouciant comment about its current strategy, Third
Point believes that the Company may not be fully committed to the
robust process of maximizing shareholder value that its owners have
demanded and further believes that shareholder representatives must
be added to the Nabi Board and must participate in the value
maximization process. Therefore, in conjunction with the removal
solicitation, Third Point also intends to solicit consents in favor
of a shareholder proposal requesting that the Nabi Board
immediately fill any vacancies created by the removal of existing
directors with one or more individuals nominated by Third Point.
Third Point LLC, which beneficially owns approximately 9.5% of the
Nabi shares outstanding, is a $4 billion investment management firm
based in New York. In connection with the consent solicitation,
Third Point LLC and certain of its affiliates intend to file a
consent statement with the Securities and Exchange Commission (the
"SEC") to solicit stockholders of the Company with respect to the
removal of Mr. McLain and possibly one or more other directors from
the Board of Directors. THIRD POINT LLC STRONGLY ADVISES ALL
STOCKHOLDERS OF THE COMPANY TO READ THE CONSENT STATEMENT WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH
CONSENT SOLICITATION. SUCH CONSENT STATEMENT, WHEN FILED, AND ANY
OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE
SEC'S WEBSITE AT http://www.sec.gov/. THIRD POINT PARTICIPANT
INFORMATION In accordance with Rule 14a-12(a)(1)(i) of the
Securities Exchange Act of 1934, as amended, the following persons
are anticipated to be, or may be deemed to be, participants in any
such consent solicitation by Third Point LLC: Third Point LLC, Mr.
Loeb, Third Point Offshore Fund, Ltd., Third Point Ultra Ltd.,
Third Point Partners LP, Third Point Partners Qualified LP and
Lyxor/Third Point Fund Limited. Certain of these persons hold
direct or indirect interests as follows: Third Point LLC may be
deemed to beneficially own 5,750,000 shares of Common Stock; Mr.
Daniel Loeb may be deemed to own 5,750,000 shares of Common Stock;
Third Point Offshore Fund, Ltd. may be deemed to beneficially own
3,724,100 shares of Common Stock; Third Point Ultra Ltd. may be
deemed to beneficially own 614,300 shares of Common Stock; Third
Point Partners LP may be deemed to beneficially own 585,300 shares
of Common Stock; Third Point Partners Qualified LP may be deemed to
beneficially own 459,100 shares of Common Stock; and Lyxor/Third
Point Fund Limited may be deemed to beneficially own 367,200 shares
of Common Stock. DATASOURCE: Third Point LLC CONTACT: Steve Bruce,
Shawn Pattison or Ann Taylor Reed, The Abernathy MacGregor Group,
+1-212-371-5999
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