Mason Capital Urges Grifols Again to Reconsider Dagá’s Voluntary Resignation

In a new letter sent on Wednesday, the Mason Capital fund has urged the board of directors of Grifols to reconsider its rejection of the voluntary resignation of Tomas Dagá Gelabert, current director of the Catalan firm under the category of other external, “given his history of value destruction.”

Specifically, Mason Capital, which owns 2.1% of Grifols’ Class A shares, has asked the Catalan firm’s board to address “its poor corporate governance and its history of destroying shareholder value by accepting Mr. Dagá’s resignation,” which, according to the letter to which Europa Press had access , he had already offered “voluntarily.”

In this context, the fund has requested the disclosure of “important” information about Dagá, who has been a member of the board for almost 25 years and is the closest advisor to the Grifols family, so that the shareholders of the Catalan firm have a better understanding of his relationship with the latter and can make an informed decision “on the suitability of his remaining on the board.”

Mason Capital has stated that it wishes to “follow up” on the letter it sent on November 19. “We reiterate and modify our requests for Grifols to disclose the following information so that shareholders and all members of the board can better understand the relationship between Tomás Dagá and Grifols,” the fund has requested.

Grifols has supported Dagá’s role as a company advisor

Among other issues, Mason Capital has highlighted that he wants to see “the fees paid to Osborne Clarke Spain by Grifols during the last fifteen years and the amounts received by the board member, Tomás Dagá, from Osborne Clarke Spain during the same period.”

Additionally, the Catalan firm has been asked to disclose the percentage of participation held by Tomás Dagá in Osborne Clarke Spain during each year of the same fifteen-year period, as well as what he owns in the Scranton family office , either directly or indirectly through Fatjo.

“Until shareholders and all members of the Board have access to the requested information, they will not be able to make an informed decision on the suitability of Tomás Dagá’s continued tenure on the Board,” Mason said.

Mason Capital has therefore argued that the board can demonstrate its independence from Tomas Daga by accepting his resignation, and the disclosure of the above points will only reinforce the need to do so. “The continued lack of disclosure will speak for itself,” he concluded.

Mason Capital prepares a campaign to renew the council

Mason Capital is preparing a campaign to renew the board of directors of the blood derivatives company, which involves the departure of Tomas Dagá Gelabert, current director of the Catalan firm under the category of other external, following the withdrawal of Brookfield, according to sources familiar with the negotiations confirmed to Europa Press .

In this context, marked by the withdrawal of the potential offer from Brookfield, the fund recently demanded in another letter that Grifols incorporate Paul Herendeen to its board of directors as an independent director, who would be appointed by the group of minority shareholders formed by Flat Footed, Mason Capital and Sachem Head Capital Management, which jointly hold a stake representing 7.72% of the type ‘A’ shares of the Catalan firm.

Grifols, for its part, has supported its director Tomás Dagá in the face of the Mason Capital fund’s plan to renew the board of directors of the blood derivatives company, a campaign that involves the departure of this member of the governing body of the Catalan firm, following Brookfield’s withdrawal.

Specifically, according to company sources who spoke to Europa Press , Dagá has “made a decisive contribution to turning Grifols into the global company it is today, with expected sales of 7 billion euros in 2024.”

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(Featured image by Scott Graham via Unsplash)

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