NEW YORK, Jan. 21, 2021 /PRNewswire/ -- Starboard
Value LP (together with its affiliates, "Starboard"), one of the
largest shareholders of Corteva, Inc. (NYSE: CTVA) ("Corteva" or
the "Company"), today announced that it has delivered a letter to
Gregory Page, Chairman of the
Company's Board of Directors (the "Board").
The full text of Starboard's letter to the Chairman of the Board
can be viewed at the following link:
https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_CTVA_Board_01.21.2021.pdf
About Starboard Value LP
Starboard Value LP is
a New York-based investment adviser with a focused and
differentiated fundamental approach to investing primarily in
publicly traded U.S. companies. Starboard seeks to invest in deeply
undervalued companies and actively engage with management teams and
boards of directors to identify and execute on opportunities to
unlock value for the benefit of all shareholders.
Investor contacts:
Gavin
Molinelli, (212) 201-4828
Patrick Sullivan, (212)
845-7947
www.starboardvalue.com
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
Starboard Value LP, together with the other participants named
herein (collectively, "Starboard"), intends to file a preliminary
proxy statement and accompanying WHITE proxy card with the
Securities and Exchange Commission ("SEC") to be used to solicit
votes for the election of its slate of highly-qualified director
nominees at the 2021 annual meeting of stockholders
of Corteva, Inc., a Delaware
corporation (the "Company").
STARBOARD STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO
READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN
THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES
SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to
be Starboard Value and Opportunity Master Fund Ltd ("Starboard
V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S
LLC"), Starboard Value and Opportunity C LP ("Starboard C LP"),
Starboard Value and Opportunity Master Fund L LP ("Starboard
L Master"), Starboard Value L LP ("Starboard L GP"), Starboard
Value R LP ("Starboard R LP"), Starboard Value R GP LLC ("Starboard
R GP"), Starboard Leaders Alpha II
LLC ("Starboard Alpha II LLC"), Starboard Leaders Fund LP
("Starboard Leaders Fund"), Starboard Value A LP ("Starboard A
LP"), Starboard Value A GP LLC ("Starboard A GP"), Starboard X
Master Fund Ltd ("Starboard X Master"), Starboard G Fund, LP
("Starboard G LP"), Starboard Value G GP, LLC ("Starboard G GP"),
Starboard Value LP, Starboard Value GP LLC ("Starboard Value GP"),
Starboard Principal Co LP ("Principal Co"), Starboard Principal Co
GP LLC ("Principal GP"), Jeffrey C.
Smith, Peter A. Feld, Jacques Croisetière,
Lisa Crutchfield, David
C. Everitt, James L. Gallogly, Janet P. Giesselman,
Kerry J. Preete and Susan C. Schnabel.
As of the date hereof, Starboard V&O Fund beneficially owns
directly 5,101,985 shares of Common Stock, par value $0.01 per share, of the Company (the "Common
Stock"). As of the date hereof, Starboard S LLC directly owns
922,820 shares of Common Stock. As of the date hereof, Starboard C
LP directly owns 544,945 shares of Common Stock. As of the date
hereof, Starboard L Master directly owns 448,758 shares of Common
Stock. Starboard L GP, as the general partner of Starboard L
Master, may be deemed the beneficial owner of the 448,758
shares of Common Stock owned by Starboard L Master. Starboard R LP,
as the general partner of Starboard C LP, may be deemed the
beneficial owner of the 544,945 shares of Common Stock owned by
Starboard C LP. Starboard R GP, as the general partner of
Starboard R LP and Starboard L GP, may be deemed the beneficial
owner of an aggregate of 993,703 shares of Common Stock owned by
Starboard C LP and Starboard L Master. As of the date hereof,
Starboard Alpha II LLC directly owns 468,446 shares of Common
Stock. Starboard Leaders Fund, as a member of Starboard Alpha II
LLC, may be deemed the beneficial owner of the 468,446 shares
of Common Stock owned by Starboard Alpha II LLC. Starboard A LP, as
the general partner of Starboard Leaders Fund and the managing
member of Starboard Alpha II LLC, may be deemed the beneficial
owner of the 468,446 shares of Common Stock owned by Starboard
Alpha II LLC. Starboard A GP, as the general partner of Starboard A
LP, may be deemed the beneficial owner of the 468,446 shares owned
by Starboard Alpha II LLC. As of the date hereof, Starboard X
Master directly owns 911,293 shares of Common Stock. As of the date
hereof, Starboard G LP directly owns 4,476,617 shares of Common
Stock. Starboard G GP, as the general partner of Starboard G LP,
may be deemed the beneficial owner of the 4,476,617 shares of
Common Stock owned by Starboard G LP. As of the date hereof,
1,558,735 of Common Stock were held in an account managed by
Starboard Value LP (the "Starboard Value LP
Account"). Starboard Value LP, as the investment manager
of each of Starboard V&O Fund, Starboard C LP, Starboard L
Master, Starboard Alpha II LLC, Starboard X Master and Starboard G
LP and the Starboard Value LP Account and the manager of Starboard
S LLC, may be deemed the beneficial owner of an aggregate of
14,433,599 shares of Common Stock directly owned by Starboard
V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master,
Starboard Alpha II LLC, Starboard X Master, Starboard G LP and held
in the Starboard Value LP Account. Each of Starboard
Value GP, as the general partner of Starboard Value LP, Principal
Co, as a member of Starboard Value GP, Principal GP, as the general
partner of Principal Co and Messrs. Smith and Feld, as
members of Principal GP and as members of each of the
Management Committee of Starboard Value GP and the Management
Committee of Principal GP, may be deemed the beneficial owner of
14,433,599 shares of Common Stock directly owned by Starboard
V&O Fund, Starboard S LLC, Starboard C LP, Starboard L
Master, Starboard Alpha II LLC, Starboard X Master, Starboard G LP
and held in the Starboard Value LP Account. As of the date
hereof, Mr. Croisetière directly owns 641 shares of
Common Stock. As of the date hereof, Ms. Crutchfield owns
directly 418 shares of Common Stock. As of the date hereof,
Mr. Everittdirectly owns 1,271 shares of Common Stock. As of
the date hereof, Mr. Gallogly directly owns 850 shares of
Common Stock. As of the date hereof,
Ms. Giesselman directly owns 1,152 shares of Common
Stock. As of the date hereof, Ms. Preete directly owns
2,500 shares of Common Stock. As of the date hereof, Ms. Schnabel
directly owns 1,000 shares of Common Stock. As of the date hereof,
Mr. Smith directly owns 128 shares of Common Stock.
View original
content:http://www.prnewswire.com/news-releases/starboard-delivers-letter-to-corteva-board-chair-301212524.html
SOURCE Starboard Value