Business
The Caldwell Partners International Board of Directors Responds to Interest from DHR International
TORONTO , July 14, 2015 /CNW/ - Retained executive search firm The Caldwell Partners Inte...
About this update from Caldwell Partners International Inc.
[{"type":"text","content":"\n\nTORONTO, July 14, 2015 /CNW/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) (\"Caldwell Partners\") today announced that its Board of Directors, after consulting with its financial and legal advisors, has unanimously determined that pursuing discussions with DHR International, Inc. at this time is not in the best interest of the firm, its shareholders, partners, employees and clients.\n\nThe following is the text of the letter that was sent on July 14, 2015, to David Hoffmann, Chairman of the Board of DHR International, Inc.:\n\nJuly 14, 2015\n\nDavid H. Hoffmann Chairman DHR International, Inc. 71 South Wacker Drive, Suite 2700 Chicago, IL 60606\n\nDear Mr. Hoffmann, \n\nI am writing to you on behalf of the Board of Directors of The Caldwell Partners International, Inc. (\"Caldwell Partners\") in response to your letter of July 1, 2015, as well as our phone call on July 7, 2015, regarding your interest in pursuing a transaction between Caldwell Partners and DHR International, Inc. (\"DHR\"). In keeping with its fiduciary obligations, our Board has established a Special Committee and retained financial and legal advisors to carefully consider and review your indication of interest.\n\nSince 1970, The Caldwell Partners brand has stood for results, personal service and long-term relationships. We have assembled a collection of experienced, senior search professionals – including 37 partners and dedicated teams to support them – each with specific knowledge of major industries at the very highest levels of management and operations. Our entrepreneurial culture enables our search teams to successfully work across a broad range of sectors, from early stage privately funded firms and foundations, to global organizations, institutions and all levels of government. Our people, and specifically our partners, are the essence of our firm. \n\nImportantly, and as like many firms of our size and nature, Caldwell Partners' success is tied to the success of our partners, who collectively with management hold over 33% of the firm's outstanding shares. As such, we have informed the partnership of your interest in pursuing a business combination. In response, our partners have expressed to us their significant concern and have made it clear that they would not be willing to be part of a firm...