Health
Flat Footed Asks Grifols to Reform Board to Protect Shareholders
- Hedge fund joins Mason Capital in call for new board members
- Spanish drugmaker announced plans to appoint two directors
Flat Footed demanded a seat on the Grifols board during Brookfield Asset Management’s failed attempt to win control of the company earlier this year.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
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.”