BOSTON, Oct 11 (Reuters) – A group of hedge funds headed by Barington Capital Group on Tuesday increased the pressure on plastics company A. Schulman Inc. (SHLM.O: Quote, Profile, Research) to sell itself by launching a proxy fight to take control of the company’s board.
The hedge funds plan to nominate two chemical industry executives and the founder of New York-based Barington Capital to run for seats on Schulman’s board of directors at the company’s annual shareholder meeting on December 8, Barington said.
Barington, which has made a name for itself by threatening proxy battles to force changes at a handful of companies, has complained that seven members of Schulman’s board of directors have presided over a decade of steep stock declines while the broader market has more than doubled.
