Offshore vessel operator Tidewater claims that board nominations submitted by Ravenswood Investment, a unit controlled by Robert Robotti, are designed to push the company into a merger.
Ravenswood Investment filed a nomination notice with Tidewater earlier this week, notifying the company’s board that it intends to nominate three persons for election as directors. Tidewater claimed that it has evaluated and interviewed one of the candidates nominated by Ravenswood, and found that the candidate is the former general counsel of a competitor company in which Robotti has a financial interest.
“He (Robotti) has repeatedly tried to pressure Tidewater to merge with this competitor. This conflict of interest is a serious concern,” Tidewater said in stock filing.
The company said it will review and consider Ravenswood’s notice in accordance with its bylaws and applicable law.
Robotti owns a stake of about 7.7% in Tidewater, making him the fourth largest shareholder in the company.