Fermi Board Rejects Former CEO's Shareholder Solicitation

MT Newswires Live05-18

Fermi (FRMI) said Monday it filed a preliminary consent revocation statement opposing former Chief Executive Toby Neugebauer's effort to call a special shareholder meeting and take control of the board.

The company said an independent board committee determined Neugebauer's proposals do not serve shareholders' interests. Neugebauer was removed as chief executive on April 17 and later "terminated for cause," according to Fermi.

The company said Neugebauer's proposed actions could lead to a sale at a valuation the board considers too low.

Fermi also said Neugebauer's previously proposed May 29 special meeting was invalid and canceled under the company's bylaws. The company said the new consent solicitation seeks to gain board control through a single election process.

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