NEW YORK, May 11, 2020 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of GCP Applied Technologies Inc. ("GCP" or the "Company")(NYSE: GCP), with an ownership interest of approximately 9% of the Company's outstanding shares, today announced that it has issued a supplemental presentation responding to various misleading statements and mischaracterizations made by GCP in its recent investor materials. Starboard also announced today that it has delivered an open letter to GCP shareholders.
Starboard's supplemental presentation is available for viewing at the following link and the full text of the letter to shareholders is included below.
A LETTER TO THE SHAREHOLDERS OF GCP APPLIED TECHNOLOGIES INC.
May 11, 2020
Dear Fellow Shareholders,
We appreciate the constructive dialogue we have had with many of our fellow shareholders and enjoy the shared interest and passion for GCP Applied Technologies Inc. ("GCP" or the "Company"), and the opportunity for its future success. As you know, our approach has been to provide our balanced assessment of the opportunities at GCP, and lay the groundwork for a new plan with improved execution, transparency, and accountability under the oversight of an enhanced Board of Directors (the "Board"). We will keep the lines of communication open with our fellow shareholders, and we thrive on the positive feedback. We remain available for those who would like to speak with us, and are committed to seeing GCP on a better path forward for the benefit of all shareholders.
Today, we are publishing a supplemental presentation, to be viewed in connection with our more comprehensive investor presentation outlining our turnaround plan for the Company, which was published on April 30, 2020. Unfortunately, these supplemental materials are needed to address a portion of the misleading statements and claims made by GCP in its materials. We are also providing further insight into why we believe our slate of nominees is far better equipped to govern GCP for the best interests of all shareholders.
These supplemental materials along with our detailed investor presentation are available at our website www.shareholdersforgcp.com.
As large shareholders of GCP, our interests are fully aligned with yours. We want what's best for GCP. As such, we have focused on the merits and the facts. Unfortunately, the Company has chosen to engage in a campaign of misinformation and mischaracterizations in an attempt to distract shareholders from the real issues plaguing the Company – persistent operating, financial and share price underperformance, a troubling history of missed expectations, poor corporate governance and compensation practices, an interconnected and insular Board, and a lack of accountability.
The good news is shareholders now have a better choice. Starboard has a long history of driving significant improvements at public companies and we look forward to having the opportunity to make GCP an industry leader through the implementation of our comprehensive turnaround plan, with a culture focused on transparency, accountability, and delivering results.
With the 2020 Annual Meeting now less than three weeks away, we urge all of our fellow shareholders to vote the WHITE proxy card in favor of much needed change at GCP.
Our interests are directly aligned with yours and we look forward to representing our fellow shareholders on the Board of GCP. Thank you for all of the support we have received so far and for your trust, confidence and passion for the future. For those of you who have not yet voted, please vote the WHITE proxy card to help us drive much needed change at GCP.
Please VOTE the WHITE CARD
If you have any questions or need further assistance with voting your GCP shares (including if you want to vote but have not to date received your White proxy and proxy materials in the mail), please contact Okapi Partners LLC at +1 (888) 785-6673 (Toll-Free) or by e-mail at [email protected].
Thank you for your support, trust, and confidence.
Peter A. Feld
Starboard Value LP
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Peter Feld, (212) 201-4878
Patrick Sullivan, (212) 845-7947
Bruce H. Goldfarb/Patrick McHugh
(888) 785-6673 (Toll-Free)
SOURCE Starboard Value LP