Big mess in the Sorin house, which yesterday gained 1,08% on the stock exchange. The funds surprisingly won the majority of Sorin's board of directors but, paradoxically, Bios, the main single shareholder of the active group with a package of 18,8626% of the capital, indicated the majority list of fifteen names. The Trevisan law firm, representing about 80 funds (including Amber Capital, which owns 2,4% of the capital), had presented a so-called minority list, with a strong 9,29% of the capital.
However, during the meeting it emerged that the funds were in the majority, counting on approximately 40% of the capital against a total present of 69%. Basically, Bios was able to count on the votes of Equinox (6,577% of the share capital through the Tower 6 Bis vehicle) and a few others.
Hence a long pause to find a way out of the impasse. The ploy was the setting of thirteen members of the Board, made up of five names indicated by the funds, four by Bios, while another four, already on the Bios list, were elected after the fund representatives left the meeting. They will meet again on May 26, when the shareholders will meet again in extraordinary session to vote on the merger with Cyberonics. Meanwhile, Citigroup raised the target price on the stock to 2,9 euros from 2,7 euros, confirming its neutral recommendation.
