Business
The Caldwell Partners International Board of Directors Responds to Letter from DHR International
TORONTO , July 28, 2015 /CNW/ - Retained executive search firm The Caldwell Partners...
About this update from Caldwell Partners International Inc.
[{"type":"text","content":"\n\nTORONTO, July 28, 2015 /CNW/ - Retained executive search firm The Caldwell Partners International Inc. (CWL.TO) (\"Caldwell Partners\") today announced that its Special Committee and its Board of Directors, after consulting with its financial and legal advisors, has responded to the July 24, 2015, letter from DHR International.\n\nThe following is the text of the letter that was sent on July 28, 2015, to David Hoffmann, Chairman of the Board of DHR International, Inc.:\n\nJuly 28, 2015\n\nDavid H. Hoffmann ChairmanDHR International, Inc. 71 South Wacker Drive, Suite 2700Chicago, IL 60606\n\nDear Mr. Hoffmann, \n\nI am writing to you again on behalf of the Special Committee and the Board of Directors of The Caldwell Partners International, Inc. (\"Caldwell Partners\") in response to your most recent letter of July 24, 2015.\n\nIn your letter, you make several accusations regarding the Board's fiduciary duties and enumerate a number of requests regarding the Board's review process.  Rest assured that the Caldwell Partners Board is well aware of its fiduciary duties and is confident that it is fully compliant.  Accordingly, the Board does not intend to respond to you on any of these matters.\n\nDHR's interest in Caldwell Partners – both as a destabilizer and as a potential acquirer – is at odds with the interest of our corporation and its various constituencies, including our shareholders.  Indeed it is difficult, if not impossible, to treat your recent subversive recruiting activities as anything but disruptive attempts that could adversely affect shareholder value.  \n\nWhat is further frustrating is that you are ignoring the impact that your continued advances could cause on the business you wish to acquire.  Our Board was copied on a letter sent directly to you on July 16, 2015, from and signed by each and every one of our 37 partners.  The letter states unequivocally that none of the 37 partners wish to work for an entity controlled by DHR, and that any transaction that accomplishes this would be \"an empty one void of significant producers and shareholder value will be destroyed\". It is my understanding that the letter was written, and consensus on it obtained, exclusively from the partners themselves. I am attaching it again for your reference.  \n\nIt is the job of ...