{"id":4136,"date":"2006-03-16T00:00:00","date_gmt":"2006-03-16T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-says-it-may-try-to-remove-chiron-ceo","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2006\/hedge-fund-says-it-may-try-to-remove-chiron-ceo.html","title":{"rendered":"Hedge fund says it may try to remove Chiron CEO"},"content":{"rendered":"<p>Reuters &#8211; A hedge fund that is working to scuttle a proposed acquisition of Chiron Corp. (CHIR.O: <a href=\"http:\/\/today.reuters.com\/stocks\/overview.aspx?symbol=CHIR.O\">Quote<\/a>, <a href=\"http:\/\/today.reuters.com\/stocks\/CompanyProfile.aspx?symbol=CHIR.O\">Profile<\/a>, <a href=\"http:\/\/today.reuters.com\/stocks\/ResearchReports.aspx?symbol=CHIR.O\">Research<\/a>) on Wednesday threatened totry and remove the biotech company&#8217;s top executive if he campaigns for the deal to go through.<\/p>\n<p>  In a sharply worded letter, ValueAct Capital told Chiron&#8217;s independent board members and Chief Executive Officer Howard Pien that the $3 billion hedge fund would lose confidence in management if it  defended Swiss drugmaker Novartis AG&#8217;s (NOVN.VX: <a href=\"http:\/\/today.reuters.com\/stocks\/overview.aspx?symbol=NOVN.VX\">Quote<\/a>, <a href=  \"http:\/\/today.reuters.com\/stocks\/CompanyProfile.aspx?symbol=NOVN.VX\">Profile<\/a>, <a href=\"http:\/\/today.reuters.com\/stocks\/ResearchReports.aspx?symbol=NOVN.VX\">Research<\/a>) plans to buy the 56  percent of Chiron that it does not yet own.<\/p>\n<p>  If Howard Pien agrees to solicit votes for the deal, &#8220;he will have lost the confidence of shareholders and must replaced if Chiron is not sold to Novartis,&#8221; ValueAct partner Mason Morfit wrote.<\/p>\n<p>  ValueAct, Chiron&#8217;s second largest shareholder outside of Novartis with 9.8 million shares, has publicly criticized Novartis&#8217; plan to buy Chiron for $45 per share, calling the deal unfair and  accusing the Swiss company of having used insider information to attack when Chiron was weak.<\/p>\n<p><a href=\"http:\/\/www.google.com\/news\/url?sa=T&amp;ct=us\/1-0&amp;fd=R&amp;url=http:\/\/today.reuters.com\/investing\/financeArticle.aspx%3Ftype%3DfundsNews2%26storyID%3D2006-03-15T193929Z_01_N15238075_RTRIDST_0_FINANCIAL-FUND-HEDGES.XML&amp;cid=1105079525\">ReadComplete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; A hedge fund that is working to scuttle a proposed acquisition of Chiron Corp. (CHIR.O: Quote, Profile, Research) on Wednesday threatened totry and remove the biotech company&#8217;s top executive if he campaigns for the deal to go through. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4136","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4136"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4136\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}