Activist investor Warren Lichtenstein is seeing if he can drill some value out of Houston-based drilling services company Rowan Companies Inc., a company he has been publicly campaigning to achieve some change since July.
According to a Securities and Exchange Commission filing on Wednesday, Lichtenstein on Tuesday sent a letter to Rowan executives nominating three director candidates, including himself, for election to the company’s board.
Rowan has a $4.3 billion stock market capitalization. Steel Partners II LP, Lichtenstein's Aspen, Co.-based investment vehicle, has slowly been increasing its stake since publicly reporting an activist position on July 5. It reported owning a 9.1% Rowan stake on Wednesday. -- Ron Orol
Wednesday, January 9, 2008
Activist Drilling with Warren Lichtenstein
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