Activist Practice Negotiates Board Representation for Starboard at Calgon Carbon
The Pittsburgh Tribune-Review reported on the successful negotiation of a settlement by Olshan client Starboard Value with Pittsburgh-based Calgon Carbon, a maker of air and water purification products. Starboard is Calgon Carbon’s largest shareholder with a 9.2% stake. The agreement calls for Calgon Carbon to nominate Starboard candidate Louis S. Massimo for election to the Board at the 2013 Annual Meeting. Calgon Carbon has also agreed to amend its “poison pill” to raise the beneficial ownership trigger from 10% to 15%. Steve Wolosky, Andrew M. Freedman, Kenneth S. Mantel, Camielle N. Green and Meagan M. Reda represented Starboard in connection with its investment and the settlement negotiation.