Coppersmith Presentation to Alere Inc Stockholders
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COPPERSMITH
In his 7/17/13 letter to stockholders, Chairman & CEO Zwanziger diverts from discussing Alere and the serious issues it
faces, to instead focus on three other companies where MMI, a former employer of Mr. Lande, obtained board representation
for individuals other than the Coppersmith Nominees. We believe his letter misrepresented these situations. Here are the
facts:
Past Nominees of a Former Firm: Setting the Facts Straight
Brink's - MMI's involvement resulted in stockholder returns of 129% for Brink's, or outperformance of 43% versus the
S&P400, and 119% for BHS, or outperformance of 73%³4
▪ MMI drove five-years of value-creating transactions: sale of the underperforming BAX division, an over $500mm Dutch-
auction buyback, the tax-free spin-off of BHS and BHS' subsequent sale to Tyco
DHT Holdings -MMI's involvement resulted in replacement of a poor-performing CEO with sophisticated management who
ensured solvency and fleet growth while larger, distinguished peers like General Maritime and OSG went bankrupt
▪ DHT performed well despite the unprecedented downturn in the tanker market that depressed its stock price
Unisys - MMI's involvement resulted in replacement of a poor-performing CEO with sophisticated management that
dramatically streamlined a bloated company, delivering outstanding results despite the financial crisis:
(US$ in millions)
Revenue
2007
$5,653
571
10.1%
(136)
228
2011
$3,854
Adj. EBITDA
Adj. EBITDA Margin
FCF
Pension Funding
▪ Stock decline was primarily related to the pension that went from overfunded to $2B underfunded
576
15.0%
183
(2,040)
MMI annualized 14% net returns during Mr. Lande's tenure - but wouldn't it be more
productive if management and the Board focused on Alere's performance?View entire presentation