Topic: How To Invest

Spinoffs & Takeovers Hotline – Thursday, April 1, 2021

Article Excerpt

CORTEVA INC., $46.74, symbol CTVA on New York, is a leading developer of new seeds and crop chemicals for the agriculture industry. Corteva separated from DowDuPont in June 2019. DowDuPont shareholders got one share of Corteva for every three shares held in the parent. Dow Inc. (symbol DOW on New York) was spun off by DowDuPont in April 2019. DowDuPont was renamed DuPont and trades on New York under the symbol DD. On January 21, 2021, activist investor Starboard Value sent a letter to Gregory Page, the chair of Corteva’s board of directors, demanding that the company make changes to improve its performance. Starboard argued Corteva CEO Jim Collins has not delivered adequate value for shareholders and should be replaced. Furthermore, it felt the current board has failed to live up to its responsibility towards shareholders. In January, Starboard had also nominated eight directors to the board of Corteva, seeking to oust CEO James Collins and take control of the pesticide and seed…