LONDON (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (PA:SAF) to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace (PA:ZODC), according to a letter seen by Reuters.
London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.
The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares.