(Bloomberg) -- Flat Footed, one of Grifols’ non-family shareholders, joined hedge fund Mason Capital Management LLC in calling for an overhaul of the Spanish drugmaker’s board.
“The presence of one truly independent director on the Company’s 13-member Board is far from sufficient,” Flat Footed founder Marc Andersen said in a letter to Grifols on Tuesday, after the drugmaker appointed two new directors. “More must be done to protect non-insider shareholders and unlock Grifols’ value potential.”
Flat Footed, along with Mason Capital and Sachem Head, demanded a seat on the Grifols board during Brookfield Asset Management’s failed attempt to win control of the company earlier this year. That unfolded as Grifols was navigating the fallout from a critical report by shortseller Gotham City research, which questioned the company’s governance and accounting practices.
On Monday, Grifols announced the appointment of Pascal Ravery, a former executive at Goldman Sachs Group Inc. and JPMorgan Chase & Co., and Paul S. Herendeen, who has served as an executive at several health firms.
Herendeen was proposed by Flat Footed, Mason Capital and Sachem Head, who collectively held about 7.7% of class A shares as of September.
In his letter, Flat Footed’s Andersen expressed surprise at Ravery’s appointment and lamented that outside shareholders were not consulted.
Brookfield backed away from a potential purchase of Grifols in November.
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