Evercore reviewed the assets that could potentially fit within the definition of “qualified income,” the relative positioning of a Calgon Carbon MLP, the valuation of a Calgon Carbon MLP, and the value implications to Calgon Carbon Corporation. The Evercore review was just completed and presented to our Board. Based on their analysis and conclusions, and after careful consideration, our Board determined that the MLP concept is not accretive to shareholder value due to rules on qualifying income, the structural support needed, and the additional costs of creating and operating an MLP. This confirms the Morgan Stanley findings as well.We strongly believe shareholders will be better served in 2014 and beyond by our pursuing our successful transformation initiatives, which have already delivered excellent financial results and a meaningful improvement in share performance year to date.
Calgon Carbon Provides Update To Shareholders
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