Edition:
India

Fairlight Delivers Letter To Hexcel Corp Highlighting Concerns With Proposed Merger


Tuesday, 28 Jan 2020 

Jan 28 (Reuters) - Fairlight Asset Management Pty Ltd::FAIRLIGHT DELIVERS LETTER TO THE BOARD OF HEXCEL CORPORATION HIGHLIGHTING CONCERNS WITH PROPOSED MERGER.FAIRLIGHT ASSET MANAGEMENT - RETAINED OLSHAN FROME WOLOSKY LLP AS LEGAL & STRATEGIC ADVISOR IN CONNECTION WITH INVESTMENT AND INVOLVEMENT AT HEXCEL.FAIRLIGHT ASSET MANAGEMENT - INTENDS TO VOTE AGAINST PROPOSED WOODWARD-HEXCEL MERGER.FAIRLIGHT ASSET MANAGEMENT - URGES BOARD TO FIND ALTERNATE BIDDER OR RENEGOTIATE TERMS TO REFLECT HEXCEL'S "APPEALING PROFILE".FAIRLIGHT ASSET MANAGEMENT - BELIEVES PROPOSED MERGER OF HEXCEL WITH WOODWARD HAS "LIMITED STRATEGIC MERIT".FAIRLIGHT ASSET MANAGEMENT - BELIEVES PROPOSED MERGER OF HEXCEL WITH WOODWARD WOULD TRANSFER "SIGNIFICANT VALUE AWAY FROM HEXCEL STOCKHOLDERS".FAIRLIGHT ASSET - FAILING PRESENCE OF ALTERNATE BIDDER OR RENEGOTIATION WITH WOODWARD, HEXCEL BOARD SHOULD RECONSIDER MERITS OF DEAL IN CURRENT FORM.