Clinton Group And Imation to Violin Memory: Sell the Company
To a strategic buyer
This is a Press Release edited by StorageNewsletter.com on February 22, 2016 at 3:05 pmClinton Group, Inc. and Imation Corp., both stockholders of Violin Memory, Inc., sent a letter to the company’s board of directors regarding the ongoing sale process of the company.
“As we have stated previously in our communications to shareholders, Clinton Group and Imation believe that Violin Memory should be sold to a strategic buyer. As we expect the process to conclude in the coming weeks, we would expect the board of directors to engage in meaningful discussions about the company’s options with its largest common shareholders and bondholders to decide the fate of the company. These stakeholders, who have witnessed significant value destruction at the hands of the company’s board of directors and management team, should be allowed the opportunity to execute confidentiality agreements and opine on final proposals in an unbiased fashion,” stated Joseph A. De Perio, senior portfolio manager, activist investments, at Clinton Group.
As a reminder, in January 2016, Clinton Group and Imation submitted a notice of their intent to nominate three individuals to the company’s board of directors at the 2016 Annual Meeting.
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Violin Memory Should Be Sold
Said stockholders Clinton Group and Imation
2016.01.12 | Press Release