Ex-Scherer President Forms Investment Company
DETROIT (AP) _ As R.P. Scherer Corp. officials consider selling the gelatin capsule manufacturer, one offer to buy could come from former president Peter R. Fink.
Fink, who resigned as president and chief executive officer in November after a losing proxy fight against his estranged wife and other heirs of the company founder who want to sell, said Tuesday he has started his own investment company.
Quantum Corp., with Fink as president, was not established specifically to buy Scherer, Fink said.
″However, at this point, I would not rule out participation in an endeavor of that type,″ he said.
Fink remains a Scherer board member, and said that in that capacity he would encourage consideration of an offer from Quantum, ″if the circumstances were appropriate.″
Scherer spokeswoman Jayne A. Colombo said company officials would not comment on the formation of Quantum or the possibility of an acquisition attempt.
The Scherer board has voted to consider alternatives such as selling all or part of the company, a management buyout, a recapitalization or a merger. The board has hired Goldman, Sachs & Co., to evaluate alternatives.
Board members include Karla Fink - Peter Fink’s estranged wife and the daughter of R.P. Scherer, the company’s founder - and her brother, John S. Scherer. Between them, the two control about 38 percent of the company.
Karla Fink led the dissident shareholders ″Committee for the Sale of R.P. Scherer Corp.,″ which successfully backed the election in an Aug. 17 proxy vote of two new board members who also want to consider selling the company.
Fink said his new company will evaluate a range of investment opportunities and also offer management services for businesses.
He was president of Travco Corp., a maker of fiberglass products, before his association with R.P. Scherer, and before that was president and treasurer of Data Systems Inc., a computer manufacturer.