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Starboard buys 7.7% stake in Calgon Carbon, seeks 3 board seats

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By Thomas Olson
Wednesday, Jan. 23, 2013, 12:30 p.m.

An investment partnership in New York has acquired a 7.7 percent stake in Calgon Carbon Corp. and seeks to elect three of its principals to the Robinson Township company's board at its next annual meeting. Starboard Value LP spent $63.9 million to acquire nearly 2.8 million shares through dozens of stock purchases from Nov. 20 through Jan. 18, according to a securities filing. The group said it is in discussions with Calgon Carbon management about its director slate.

“We welcome shareholders who believe in our investment potential, and we are open to ideas that can create shareholder value,” said a statement from Calgon Carbon, which develops and produces air and water purification products. “We have spoken with Starboard and have had a constructive exchange of ideas.”

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