Relational Investors To Appoint Director to SPX Corporation (SPW)’s Board

Ralph V. Whitworth‘s Relational Investors has disclosed, in a newly amended filing, entering into an agreement with SPX Corporation (NYSE:SPW) for appointing a director to the company’s board.

Relational Investors and SPX Corporation (NYSE:SPW) entered into an agreement on January 14 that gives the fund option to appoint David Batchelder, Principal and Co-Founder of Relational, to serve on the Issuer’s Board of Directors (the “Board”) and on its Compensation Committee.

SPX Corporation (NYSE:SPW)

The strategic block investment-oriented fund currently owns almost 7.04 million shares of SPX Corporation, which is 15.51% of all outstanding shares. The stake has been upped from 6.8 million shares of the global, multi-industry manufacturer of specialized, engineered solutions firm, earlier in August 2013.

Ralph V. Whitworth’s fund may exercise the option after the 2014 annual meeting through 60 days prior to the expiration of the notice period. If Batchelder joins the board, the hedge fund then has an option to request a second director from the fund at the 2015 Annual Meeting. In exchange, Relational Investors have agreed to approve SPX Corporation (NYSE:SPW)’s nominees.

As SPX Corporation stated in a press release:

SPX and Relational have engaged in a series of productive discussions about our business, capital allocation and long-term prospects,” said Chris Kearney, SPX Chairman, President and CEO. “We have always embraced an open dialogue with and input from our shareholders and are pleased to have reached this agreement with Relational. Our board and management team remain committed to continued operational improvement, generating profitable growth, narrowing our strategic focus around our Flow end markets and disciplined execution of our capital allocation methodology.

Relational Investors own more shares of SPX Corporation (NYSE:SPW) than any other fund Insider Monkey tracks. Ken Griffin‘s Citadel Investment Group owns 505,178 shares of the stock, recently upping their stake by more than 100%. Aqr Capital Management, too, is long the stock. Clif Asness‘ fund owns 283,260 shares of the equity.

Disclosure: none

SAC Capital Discloses New Stake in Textura Corp (TXTR)

Altimeter Capital Management Further Raises Stake in NQ Mobile Inc (NQ)

Lone Pine Capital Raised its Stake in Wyndham Worldwide Corporation (WYN)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!