Masimo activist asks for ‘basic’ information on proposed deal

[Pelican Press 0]

Masimo activist asks for ‘basic’ information on proposed deal

Joe Kiani, CEO, Masimo

Scott Mlyn | CNBC

Politan Capital’s Quentin Koffey sent a

This is the hidden content, please

• Sign In
• or
• Sign Up

to Masimo CEO Joe Kiani on Wednesday, demanding information about the health-tech company’s proposed

This is the hidden content, please

• Sign In
• or
• Sign Up

of its consumer business.

Koffey, who won a seat on Masimo’s board last year through a proxy ******, said that, despite his “repeated requests,” he has “not received information as basic and fundamental as even the name of the contemplated JV partner,” weeks after the company first announced it was exploring a split.

Masimo acquired consumer audio company Sound ******* in 2022 for $1 billion, a deal that led to a 37% drop in its stock price the day of the announcement. The purchase was a catalyst for Politan’s first proxy ****** at the company.

Last month, Masimo said it would spin off its consumer business, spurring a rally in the stock.

Koffey said in his letter that Masimo management has asked “that directors sign a non-disclosure agreement” to get access to information around the deal. Koffey, who’s gearing up for a second proxy ****** to get full control of Masimo’s board, warned Kiani that if the company delayed or denied his request, he would pursue legal action.

The activist is also seeking information on any financial and leadership opportunities Kiani has been promised at the spinout. The business units Masimo is proposing to spin off are expected to generate between $700 million and $780 million this year, according to the company’s most recent guidance.

Masimo CFO Micah Young said on a call with analysts on Tuesday that executives are working “diligently” and will present their findings on the deal structure and ****** venture partner to the full board in the coming months. 

A spokesperson for Politan declined to comment beyond the content of the letter. Representatives for Masimo weren’t immediately available for comment.

Politan is Masimo’s second-biggest shareholder, with about 9% ownership, trailing only Fidelity. Kiani is the largest individual investor, with a 7.5% stake in the company.

Masimo shares are up 2.4% this year, closing Wednesday at $120.02. They plummeted 49% in 2022 and another 21% last year.

WATCH: Masimo CEO on potential split and proxy battle

This is the hidden content, please

• Sign In
• or
• Sign Up

Masimo Corp,Breaking news,Technology,Breaking News: Technology,business news
#Masimo #activist #asks #basic #information #proposed #deal

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/