Dan Loeb Releases A Mini-Documentary Slamming Dow Chemical's Board For 'Broken Promises'
The film, which is called "Broken Promises", is a "narrative detailing how Dow has fallen behind due to poor strategic decision-making by a Management team and Board best known for their track record of broken promises to shareholders," according to a press release.
Loeb's $17 billion Third Point's last held 22,000,000 shares of Dow Chemical, according to the most recent 13F data for the second quarter ended June 30. Third Point's new 13F filing should come this week.
At the bottom of the video posted on Vimeo, Third Point said it intends to file a proxy statement with the SEC.
"In connection with their intended proxy solicitation, Third Point LLC and certain of its affiliates intend to file a proxy statement with the Securities and Exchange Commission (the "SEC") to solicit stockholders of The Dow Chemical Company (the "Company")."
Of course, no official decisions have been made yet in regards to a proxy, according to a source familiar.
In addition to the video, Third Point has launched a new website (value-dow.com). The hedge fund has also hired Raymond J. Milchovich, the former CEO of Foster Wheeler AG, and R. "Steve" Miller, the current chairman of AIG, as advisers. Third Point said that they "each have significant expertise in corporate turnarounds and operational management, skillsets Dow desperately needs to move forward."
Meanwhile, the window for nominations to Dow's board opens at the end of this month.
Here's the video: