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August 19, 2003 at 08:00 PM
NEW YORK (HedgeWorld.com)–The dispute between hedge fund manager Greenlight Capital and Mercer International Inc., a European pulp and paper manufacturing company, has been resolved with Mercer accepting a Greenlight nominee, Guy Adams, for its board of trustees.
In addition to Mr. Adams, Mercer will nominate an independent candidate proposed by three of its other largest shareholders for election as trustee at an upcoming annual shareholders’ meeting. Greenlight ended its own proxy solicitation, and Mercer will file supplemental proxy materials to nominate the agreed-on candidates.
The company will reimburse Greenlight for some third-party costs incurred in connection with the proxy solicitation. Mercer shareholders are scheduled to meet on Aug. 22.
The hedge fund has complained about deficiencies in corporate governance at Mercer, while emphasizing that the company has excellent assets. Greenlight owns 14.9% of
