Timken blasts shareholder’s analysis

Apr 01, 2013 | 04:55 PM | Corinna Petry

Tags  Timken, shareholders, California State Teachers Retirement System, Relational Investors, steel business, bearings business, spinoff proposal, shareholder value corinna petry

CHICAGO — Timken Co. has filed an updated investor presentation highlighting what it calls "serious flaws" in an analysis behind a proposal that the company spin off its steel business.

In an April 1 filing with the U.S. Securities and Exchange Commission (SEC), Timken picked apart shareholder Relational Investors LLC’s analysis, saying that it overvalued Timken’s bearings business against its peers and did not select its peer group in a fair and balanced manner, and that "significant synergies would be lost" in a spinoff.....





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