CalSTRS and Relational Investors to Discuss Proposal
to Break Up Timken Company
Please join us
Tuesday, April 9, 2013 at 1 PM EST
for a Glass Lewis Proxy Talk conference call
with CalSTRS and Relational Investors to discuss
their shareholder proposal at Timken Company
requesting the company split the steel and bearings
businesses into separate public companies. Senior
representatives of CalSTRS and Relational Investors
will discuss why they believe Timken’s share price
does not reflect the indicated trading values of the
Company’s bearings and steel businesses and how a
break up could benefit shareholders.
CalSTRS and Relational Investors, which together own
7.28% of Timken, believe the Company should develop
a clear path to remove the share price discount by
separating the steel business to allow the market to
independently value Timken’s bearings and steel
businesses. They believe that shareholder value
could be unlocked though the separate public trading
of Timken’s steel and bearings businesses and feel
that Timken’s conglomerate structure causes the
Company’s stock to trade at a significant discount.
The Timken annual meeting is May 7, 2013.
the Presentation |
Anne Sheehan, Director of Corporate Governance,
Ralph Whitworth, Founder, Relational Investors
David Batchelder, Founder, Relational Investors
Mathew Hepler, Managing Director, Relational
Philip Larrieu, Investment Officer, CalSTRS
Moderator: Robert McCormick, Chief Policy Officer,
Glass, Lewis & Co.
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DETAILS AND REGISTRATION:
Register for the Proxy Talk on Tuesday,
April 9, 2013 at 1 PM EST.
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