This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ISS Recommends Two JANA Nominees For Election To Agrium Board

NEW YORK, March 27, 2013 /PRNewswire/ -- JANA Partners LLC today announced that leading proxy advisory services firm Institutional Shareholder Services ("ISS") has issued a report that JANA Partners has made a "compelling" case for change and strongly endorsing JANA nominees Barry Rosenstein and David Bullock for election to the board of directors of Agrium Inc. ("Agrium") (TSX / NYSE: AGU) at the upcoming annual general meeting of shareholders on April, 9 th, 2013.

ISS recommends that Agrium shareholders vote on JANA's BLUE form of proxy or VIF.

An excerpt of the ISS report follows (the references to "dissident" refer to JANA):

"As insistent as the company has been that 'Jana's goal has always been a break up,' the only real proposals Jana has made to shareholders are to (1) add directors with appropriately deep understanding of the distribution business to help improve its performance and contribution to long-term value and (2) take a balanced look, leveraging their experience in distribution businesses, at whether there is in fact real value likely to be unlocked in a spin off.  If after doing the second of these things they conclude it would be wise, they still have no power to break up the company, unless they can persuade the rest of the board, through reasoned discussion, of why that path would deliver sustainably higher value.

What shareholders should most consider in this contest, however, is not just the evidence that the company has underperformed or could use directors with relevant 'breaking bulk' experience to help it better oversee what is now a third of its business. They should also consider the board's responsiveness over the ten months this contest has played out, and in particular the cognitive dissonance of compulsively seeking to discredit the dissidents' proposals even as it began to implement or make commitments to implement many of the easier ones: returning capital to shareholders, providing shareholders better transparency into the distribution business, reducing excess working capital.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs