By Jasmina Kelemen
Billionaire investor Carl Icahn is asking Transocean Ltd.’s board to “clarify and support” its assertions that the company has produced above-average shareholder returns.
Transocean’s board responded to Icahn’s recent letter to shareholders with presentation materials that are “misleading and inaccurate,” Icahn said in a letter to shareholders today. Board directors should reconsider their voting recommendations to shareholders, he said.
Icahn is urging fellow shareholders to support his proposal to increase the company’s dividend to $4 a share and elect three new board members. The Vernier, Switzerland-based offshore drilling company has proposed a $2.24 dividend and defended its 13 board members.