A hedge fund manager has escalated his blitz on Nabi Biopharmaceuticals with a motion to remove the company’s president and chief executive officer from his position as chairman. Meanwhile, the company announced it has engaged a securities firm to explore strategic alternatives, including a possible merger or asset sale.
In his attack on Thomas McLain, the leader of the Boca Raton-based drug maker, hedge fund manager Daniel Loeb said he has support from other shareholders, giving the opposition a 35 percent stake in Nabi.
Third Point LLC, Loeb’s $4 billion hedge fund, owns 9.5 percent of Nabi (NASDAQ: NABI). The company has said it wants to name replacements to Nabi’s board and remove several of the company’s directors.
Loeb is known for ousting executives and selling off assets of companies in which he invests. His public criticism has caused management or board changes for at least five companies with Third Point investments.
On Sept. 26, Loeb filed a motion with the Securities and Exchange Commission, announced by a press release, for a consent solicitation to remove McLain.
