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News For DD From The Last 14 Days
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May 6, 2015
09:29 EDTDDTrian says DuPont implied target value per share could be over $120 by end 2017
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09:28 EDTDDTrian emphasizes need for change in open letter to DuPont stockholders
Trian Fund Management, one of the largest stockholders of DuPont, which currently beneficially owns approximately 24.6M DuPont shares valued at approximately $1.8B, released an open letter to DuPont stockholders, which stated: "Trian has a track record of adding value in the boardroom, and we believe our four highly qualified nominees have the experience, skills, passion, and independent insight needed to help make DuPont great again. All three leading proxy advisory firms, ISS, Glass Lewis, and Egan-Jones, agree with us that change is needed at DuPont and that Trian brings the ownership mentality necessary to drive meaningful change and long-term value creation."
May 5, 2015
08:11 EDTDDDuPont CEO Ellen Kullman sends letter to shareholders
DuPont mailed a letter from CEO Ellen Kullman emphasizing that shareholders have a clear choice in this proxy contest: "support DuPont on its path of continued value creation, overseen by a world-class Board that includes two new change agents specifically chosen for their operating experience and records of value creation; or allow Trian to displace the DuPont Board's accomplished leadership in order to pursue its value-destructive breakup agenda." In the letter, Kullman commented, "At this critical time, while we are working on multiple fronts to continue our positive momentum and our leaders must stay focused on execution, Trian has launched its campaign against DuPont to break up the Company and increase both risk and leverage. They have attacked our R&D with no basis of experience and clearly do not understand how it delivers value and contributes to both improving margins and growth. They have tried to assert that they have the "better way," but the only company they have overseen in this sector went into bankruptcy. And the only source of industry experience they can cite is Dennis Reilley, a member of Trian's advisory board who is also a director of our competitor, The Dow Chemical Company. This creates an unacceptable competitive risk. Trian's proxy fight has targeted the leadership of DuPont's board to introduce instability in the hope of effecting their agenda. They have launched an extended campaign of misinformation and distortion to try to undermine the Company's strong track record. Trian is not the right answer for DuPont or its shareholders."
May 4, 2015
15:08 EDTDDEgan-Jones recommends DuPont stockholders vote for all four Trian nominees
Trian Fund Management, one of the largest stockholders of DuPont, which currently beneficially owns approximately 24.6M DuPont shares valued at approximately $1.8B, announced that independent proxy advisory firm Egan-Jones has recommended that DuPont stockholders vote for all four of Trian’s nominees – Nelson Peltz, John Myers, Arthur Winkleblack, and Robert Zatta – at DuPont’s annual meeting on May 13.
April 30, 2015
13:23 EDTDDDuPont, Kolon Industries settle trade secret litigation
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09:31 EDTDDDuPont comments on Glass Lewis report and director nominees
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08:54 EDTDDTrian says Glass Lewis recommends Peltz for DuPont board
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08:30 EDTDDDuPont criticized by legendary lawyer for handling of proxy fight, NY Post says
Martin Lipton, the legendary corporate lawyer known for inventing the "poison pill" and for traditionally being a critic of activists and their tactics, has now criticized the way DuPont and CEO Ellen Kullman defended itself against Nelson Peltz and his Trian fund, said The New York Post. Reference Link
April 29, 2015
16:35 EDTDDAmerican Vanguard acquires global Bromacil herbicide business assets from DuPont
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06:27 EDTDDTrian sends letter to DuPont shareholders highlighting ISS recommendation
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April 28, 2015
10:05 EDTDDOn The Fly: Analyst Upgrade Summary
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07:30 EDTDD, DDDuPont upgraded to Outperform from Underperform at CLSA
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April 27, 2015
13:16 EDTDDDuPont responds to ISS report relating to election of board directors
DuPont issued the following statement in response to an April 27, 2015 report issued by Institutional Shareholder Services relating to the election of directors to DuPont's board: "We strongly believe ISS reached the wrong conclusion in failing to recommend that shareholders vote on the WHITE proxy card FOR all 12 of DuPont's highly-qualified and experienced director nominees by ignoring the success of our transformative strategy and the value-destructive nature of Trian's break up agenda, as well as dismissing the fact that the addition of Trian's nominees would remove critical experience from DuPont's Board. This demonstrates a fundamental lack of understanding of our business and the needs of a global science company... Importantly, DuPont's Board has the right mix of experience and skills required to lead a global science and technology company of DuPont's scale. Each director is extremely qualified and brings unique experiences that are highly beneficial to DuPont. Unseating directors who bring important skills such as corporate governance experience, science and technology acumen, regulatory and government relations knowledge, emerging market growth experience, global manufacturing and supply chain knowledge and environmental management experience, would deprive DuPont's Board of critical skills that are central to DuPont's purpose and value proposition. Furthermore, Trian has a well-known practice of establishing a 'shadow management' team, which would be committed to advancing this agenda, derailing DuPont's progress on our strategic transformation plan."
10:32 EDTDDISS backs Peltz, Myers for election to DuPont board, CNBC reports
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April 24, 2015
13:28 EDTDDTrian files presentation on DuPont with the SEC
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08:23 EDTDDDuPont management to meet with Deutsche Bank
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April 23, 2015
08:19 EDTDDDuPont sends letter to shareholders in response to Trian Fund's recent actions
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