Coppersmith Capital Management, LLC and the other participants in its proxy solicitation (collectively, “Coppersmith”), the fourth-largest stockholder of Alere, Inc. (NYSE: ALR) (“Alere”), owning approximately 7.3% of the shares outstanding, today issued the following letter to stockholders:
Dear Fellow Alere Stockholder:
With the Alere annual meeting only one day away, we want to thank you for your resounding support to date and remind stockholders who have yet to vote to seize this opportunity to embrace real change. Stockholders are closer than they have ever been to the opportunity to send a strong message to Alere management that their culture of no accountability must end. Despite Alere’s last ditch scare tactics, personal attacks and baseless rhetoric in an attempt to hold stockholders hostage to the status quo, many Alere stockholders have demonstrated the level-headedness and clarity to see through these efforts.
Coppersmith’s nominees are 100% committed to the objective analysis of all available alternatives and setting any strategy on the basis of the data, not wounded pride or legacy.
We have proposed many strategic ideas that Alere management appears to find personally threatening, even as they have slowly begun to adopt several of our ideas as their own. However, Coppersmith’s nominees are committed to no particular strategy – only to the objective analysis of all available alternatives and selection of the strategy that will create the most value for stockholders with the least risk, regardless of who authored it. As a stockholder who is compensated by Alere’s success, why would one do it any other way?
Coppersmith’s nominees are far superior to the candidates Alere’s management handpicked for their support of the status quo.
Coppersmith’s nominees bring CEO and board level experience from healthcare device companies many times the size and sophistication of Alere. They will also bring true independence, rigorous analysis and fact-based discipline to Alere’s ‘rubber-stamp’ board. Coppersmith’s nominees are all stockholders, including a representative of one of the company’s largest investors, and are aligned only with Alere stockholders. They were not chosen by management and did not agree to support management’s strategy in advance. Alere’s nominees, on the other hand, were selected in a process run by management, management’s search consultant and management’s investment bankers. In publicly stating Alere’s nominees’ commitment to management’s strategy, Chairman and CEO Zwanziger made it clear: a vote for Alere’s nominees is a vote for his further entrenchment.