Believes Corporate Governance Improvements Needed to Maximize Shareholder Value
NEW YORK, June 2, 2020 /PRNewswire/ -- The D. E. Shaw group, an investor in Weatherford International plc (the "Company") (OTC Pink: WFTLF), announced today that it intends to vote against the reelection of Thomas Bates (Chairman), John Glick, and Gordon Hall at the Company's upcoming Annual General Meeting (currently expected to be held on June 12, 2020). Investment funds managed or advised by D. E. Shaw & Co., L.P. currently hold a more than 3.5% interest in the Company's common shares and also hold the Company's bonds. The D. E. Shaw group believes that recent actions by the Board demonstrate that the current Directors may not be acting in the Company's or its stakeholders' best interests and, as a result, believes a change in the composition of the Board is warranted.
While this is an uncontested election, the Company's articles require any director who receives a greater number of votes "against" than votes "for" to tender his or her resignation.
Accordingly, the D. E. Shaw group has determined to vote "against" Messrs. Bates, Glick and Hall.
About the D. E. Shaw Group
The D. E. Shaw group is a global investment and technology development firm with more than $50 billion in investment and committed capital as of April 1, 2020, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.
This press release reflects the opinions of D. E. Shaw & Co., L.P. ("DESCO LP") on behalf of certain investment funds managed or advised by it that currently beneficially own, or otherwise have an economic interest in, shares of Weatherford International Plc. (the "Company"). This press release is for informational purposes only and does not constitute investment advice or convey an offer or solicitation of any type with respect to any securities or other financial products. The views expressed in this press release are expressed as of the date hereof and are based on publicly available information and DESCO LP's analyses. This press release contains statements reflecting DESCO LP's opinions and beliefs with respect to the Company and its business based on DESCO LP's research, analysis, and experience; all such statements are based on DESCO LP's opinion and belief, whether or not those statements are expressly so qualified. DESCO LP acknowledges that the Company may possess information that could lead the Company to disagree with DESCO LP's views and/or analyses. Nothing contained in this press release may be relied upon as a guarantee, promise, assurance, or representation as to future events. The investment funds managed or advised by DESCO LP are in the business of trading (i.e., buying and selling) securities, and it is expected that they will from time to time engage in transactions that result in changes to their beneficial and/or economic interest in the Company.
The D. E. Shaw Group
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SOURCE D. E. Shaw Group