Ramius wants representation on A. Schulman's board

By Lisa Kerner

Charlotte, N.C., Nov. 29 - RCG Starboard Advisors, LLC, a subsidiary of Ramius Capital Group, LLC and an affiliate of Starboard Value and Opportunity Master Fund Ltd., said it will seek board representation at A. Schulman, Inc.'s 2007 annual meeting.

"The recent announcement of yet another agreement between the company and a group led by Barington Capital provides us little, if any, comfort that the board is truly committed to taking the necessary steps now to maximize stockholder value," Ramius partner Mark R. Mitchell said in a news release.

Ramius, with a 7.4% stake in the company, will file definitive proxy materials "as soon as possible" after which the investor plans to communicate with A. Schulman stockholders.

It was previously reported that A. Schulman's board vigorously opposed proposals by Barington Cos. Equity Partners and Ramius to sell the company and have their nominees elected to the company's board.

On Oct. 25, Barington, a 9.2% stakeholder, demanded that A. Schulman provide a listing of the company's stockholders and copies of certain A. Schulman books and records. The investment firm requested the information for investigative purposes and to communicate with A. Schulman stockholders regarding such matters as the use of corporate assets, the levels and types of compensation and certain decisions by the board.

Based in Akron, Ohio, A. Schulman manufactures and sells plastic resins and plastic compounds, including engineered flame-retardant compounds, thermoplastic elastomers and nylon compounds.

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