Mason Capital Management Requests Immediate Disclosure of Important Information Regarding Conflicted Grifols Director Tomas Daga
Mason Capital Management, holding 2.1% of Grifols S.A. (BME: GRF) (NASDAQ: GRFS) class A shares, has sent a letter to the Grifols Board requesting important information about Tomas Daga, a 25-year Board member and Grifols family advisor. Mason seeks transparency regarding:
- Fees paid to Osborne Clarke Spain by Grifols and amounts received by Daga over 15 years
- Daga's ownership interest in Osborne Clarke Spain
- Daga's ownership stake in Scranton Enterprises
- Any arrangements between Daga/Osborne Clarke Spain and Nomura or Proskauer Rose
Mason urges the Board to accept Daga's voluntary resignation, citing poor corporate governance and shareholder value destruction. The firm emphasizes that this information is important for shareholders to evaluate Daga's suitability for continued Board service.
Mason Capital Management, che detiene il 2,1% delle azioni di classe A di Grifols S.A. (BME: GRF) (NASDAQ: GRFS), ha inviato una lettera al Consiglio di Amministrazione di Grifols richiedendo informazioni importanti su Tomas Daga, membro del Consiglio da 25 anni e consigliere della famiglia Grifols. Mason cerca trasparenza riguardo:
- Gli onorari pagati a Osborne Clarke Spagna da Grifols e le somme ricevute da Daga negli ultimi 15 anni
- L'interesse di proprietà di Daga in Osborne Clarke Spagna
- La quota di proprietà di Daga in Scranton Enterprises
- Qualsiasi accordo tra Daga/Osborne Clarke Spagna e Nomura o Proskauer Rose
Mason esorta il Consiglio ad accettare le dimissioni volontarie di Daga, citando una cattiva governance aziendale e la distruzione del valore per gli azionisti. La società sottolinea che queste informazioni sono importanti per gli azionisti per valutare l'idoneità di Daga a continuare nel Consiglio.
Mason Capital Management, que posee el 2,1% de las acciones clase A de Grifols S.A. (BME: GRF) (NASDAQ: GRFS), ha enviado una carta a la Junta de Grifols solicitando información importante sobre Tomas Daga, miembro de la Junta durante 25 años y asesor de la familia Grifols. Mason busca transparencia respecto a:
- Honorarios pagados a Osborne Clarke España por Grifols y los montos recibidos por Daga en 15 años
- El interés de propiedad de Daga en Osborne Clarke España
- La participación de Daga en Scranton Enterprises
- Cualquier arreglo entre Daga/Osborne Clarke España y Nomura o Proskauer Rose
Mason insta a la Junta a aceptar la renuncia voluntaria de Daga, citando mala gobernanza corporativa y destrucción del valor para los accionistas. La firma enfatiza que esta información es crucial para que los accionistas evalúen la idoneidad de Daga para continuar en la Junta.
메이슨 캐피탈 매니지먼트는 그리폴스 S.A. (BME: GRF) (NASDAQ: GRFS) 클래스 A 주식의 2.1%를 보유하고 있으며, 그리폴스 이사회에 25년 경력의 이사이자 그리폴스 가족 자문인 토마스 다가에 대한 중요한 정보를 요청하는 편지를 보냈습니다. 메이슨은 다음에 대한 투명성을 요구하고 있습니다:
- 그리폴스가 Osborne Clarke 스페인에 지불한 수수료와 다가가 지난 15년간 받은 금액
- 다가의 Osborne Clarke 스페인 내 소유 지분
- 다가의 스크랜턴 엔터프라이즈 내 소유 지분
- 다가/Osborne Clarke 스페인과 노무라 또는 프로스커러 로즈 간의 어떠한 계약
메이슨은 이사회에 다가의 자발적인 사임을 받아들일 것을 촉구하며, 부실한 기업 거버넌스와 주주 가치 파괴를 언급했습니다. 이 회사는 이 정보가 주주들이 다가의 이사회 지속 가능성을 평가하는 데 중요하다고 강조합니다.
Mason Capital Management, détenant 2,1 % des actions de classe A de Grifols S.A. (BME: GRF) (NASDAQ: GRFS), a envoyé une lettre au Conseil d'Administration de Grifols demandant des informations importantes concernant Tomas Daga, membre du Conseil depuis 25 ans et conseiller de la famille Grifols. Mason cherche la transparence concernant :
- Les frais versés à Osborne Clarke Espagne par Grifols et les montants reçus par Daga au cours des 15 dernières années
- L'intérêt de propriété de Daga dans Osborne Clarke Espagne
- La participation de Daga dans Scranton Enterprises
- Tout accord entre Daga/Osborne Clarke Espagne et Nomura ou Proskauer Rose
Mason exhorte le Conseil à accepter la démission volontaire de Daga, en citant une mauvaise gouvernance d'entreprise et la destruction de la valeur pour les actionnaires. La société souligne que ces informations sont importantes pour que les actionnaires évaluent l'aptitude de Daga à poursuivre son service au Conseil.
Mason Capital Management, das 2,1% der A-Aktien von Grifols S.A. (BME: GRF) (NASDAQ: GRFS) hält, hat einen Brief an den Vorstand von Grifols gesendet und wichtige Informationen über Tomas Daga, ein 25-jähriges Vorstandsmitglied und Berater der Familie Grifols, angefordert. Mason strebt Transparenz in Bezug auf Folgendes an:
- Gebühren, die Grifols an Osborne Clarke Spanien gezahlt hat, und Beträge, die Daga in den letzten 15 Jahren erhalten hat
- Dagas Eigentumsanteil an Osborne Clarke Spanien
- Dagas Beteiligung an Scranton Enterprises
- Jegliche Vereinbarungen zwischen Daga/Osborne Clarke Spanien und Nomura oder Proskauer Rose
Mason drängt den Vorstand, Dagas freiwilligen Rücktritt zu akzeptieren, und nennt dabei schlechte Unternehmensführung und Zerstörung des Aktionärswerts. Das Unternehmen betont, dass diese Informationen für die Aktionäre wichtig sind, um Dagas Eignung für eine Fortsetzung seiner Tätigkeit im Vorstand zu bewerten.
- None.
- Poor corporate governance concerns raised by significant shareholder
- History of shareholder value destruction cited by Mason Capital
- Potential conflicts of interest with long-standing director Tomas Daga
- Lack of transparency regarding key business relationships and financial arrangements
Insights
This activist investor letter from Mason Capital Management highlights significant corporate governance concerns at Grifols. Mason's request for transparency regarding Tomas Daga's multiple roles and potential conflicts of interest is particularly relevant given his 25-year Board tenure and close ties to the controlling Grifols family.
The demands for disclosure focus on critical areas:
- Financial relationships between Daga's law firm (Osborne Clarke Spain) and Grifols
- Daga's ownership stakes in both Osborne Clarke Spain and Scranton Enterprises
- Potential arrangements with external financial and legal firms
These governance issues are particularly concerning for a
This shareholder activism represents a material risk factor for Grifols investors. Mason Capital's public pressure campaign targeting Board composition and governance practices could lead to several outcomes that impact shareholder value:
- Potential proxy fight or legal action if demands aren't met
- Increased scrutiny of related-party transactions and Board independence
- Higher compliance and governance costs
- Reputational damage affecting investor confidence
The focus on Daga's multiple roles - as Board member, legal advisor and possible stakeholder in various entities - suggests complex conflicts that could affect decision-making at the highest levels. This governance risk adds to existing concerns about Grifols' leverage and financial transparency.
Urges Board to Prove its Independence by Accepting Tomas Daga’s Voluntary Resignation
Mason also called on the Board to address its poor corporate governance and history of shareholder value destruction by accepting Mr. Daga’s resignation, which Mr. Daga has voluntarily offered to the Board.
The full text of the letter follows:
December 4, 2024
Grifols, S.A.
Avinguda de la Generalitat 152-158
08174 Sant Cugat del Vallès
Dear Grifols Board Members and Shareholders:
Mason would like to follow up to its letter dated 19 November 2024. We reiterate and amend our requests for Grifols to disclose the following information so shareholders and all Board members can better understand the relationship between Tomas Daga and Grifols:
- Fees paid to Osborne Clarke Spain by Grifols over the past 15 years and amounts received by Board member, Tomas Daga, from Osborne Clarke Spain for the same period
- Tomas Daga’s percentage ownership interest in Osborne Clarke Spain for each year during the same 15-year period
- Tomas Daga’s percentage ownership interest in Scranton Enterprises, either directly or indirectly via Fatjo SL; and
- Any arrangements between Tomas Daga (and/or his proxy Osborne Clarke Spain) and Nomura or Proskauer Rose
Not until shareholders and all Board members have access to the requested information can they make an informed decision about the suitability of Tomas Daga’s continued service on the Board.
We urge the Board to reconsider its rejection of Mr. Daga’s voluntary resignation given his track record of value destruction. The Board can prove its independence from Tomas Daga by accepting his resignation, and the disclosure of the above items will only reinforce the need to do so. Continued lack of disclosure will speak for itself.
Regards,
Kenneth M Garschina
Managing Member
Mason Capital Management
About Mason Capital Management LLC
Mason Capital Management LLC is an absolute return focused investment firm that combines deep fundamental analysis with hard catalysts to drive value creation. Founded in July 2000 by Ken Garschina and Mike Martino, Mason’s strategies range from event-driven investing to corporate carve-outs and control acquisitions.
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Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
+1 (212) 257-4170
Source: Mason Capital Management LLC
FAQ
What percentage of Grifols (GRFS) shares does Mason Capital Management own?
What information is Mason Capital requesting about Grifols (GRFS) director Tomas Daga?
Why is Mason Capital calling for Tomas Daga's resignation from Grifols (GRFS) board?
