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The Timken Company responded again today to a proposal from The California State Teachers’ Retirement System (CalSTRS) and Relational Investors to spin-off its steel business about why it believes its current strategic plan “offers the best path to creating shareholder value.”
“The materials released today are critical to aid Timken shareholders in developing a clear understanding of the flaws in the proposal from CalSTRS and Relational Investors as well as the tremendous value we believe is created by our integrated business model,” Timken said in a statement.
In 2012, CalSTRS and Relational Investors, large investors in Timken, filed a Schedule 13D with the SEC, reporting equity ownership of 6.15 percent. The 13D included a proposal recommending the Timken Board of Directors and management engage an investment banking firm to spin-off the steel business into a separately traded public company. The proposal will be voted on May 7, 2013.
On Feb. 19, 2013, an amended filing was made announcing an increased ownership stake to 7.28 percent of Timken.
Both sides have put together presentations. CalSTRS and Relational Investors have launched unlocktimken.com in the last year, and Timken launched timkendrivesvalue.com today with information for shareholders on why they should vote against the proposal to separate the two businesses within Timken.