White Tale Requests Clariant Board To Evaluate Strategic Alternatives

(RTTNews) - White Tale Holdings, the largest shareholder in Clariant AG (CLZNY.PK, CRN.L, CLZNF.PK), stated that Clariant's proposed merger with the Huntsman Corporation is detrimental to shareholders. White Tale said it does not appear that the Clariant Board seriously explored alternative measures or transactions to maximize shareholder value in advance of agreeing to merge with Huntsman. White Tale has requested the Board to work closely with White Tale and to immediately hire an independent investment bank to evaluate all strategic alternatives and simultaneously continue down the path of transformation to become a pure-play specialty chemicals company.

"Without this exploration of alternatives, we will be forced to vote against the merger and, assuming the merger is voted down, we will insist that the exploration of alternatives - something that should have occurred prior to agreeing to the merger - begin promptly at that time," White Tale said.

White Tale Holdings, an investment partnership jointly held by Corvex and 40 North, currently owns approximately 50.1 million shares or 15.1% of Clariant AG, making it the company's largest shareholder.