Contrarian Corpus
Starboard Value vs. Huntsman Corporation

Huntsman Corporation · HUN

8 decks published between 2022-01-12 and 2022-03-08 — 511 pages, 415 analysed slides total.

proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-01-12 proxy fight

    2022 01 Starboard_Value_LP_Letter_to_HUN_Board_01.12.2022

    5pp · letter

    Huntsman's decade of missed EBITDA targets and defensive governance demand Board change; Starboard nominates four directors to restore accountability and close the chronic peer-valuation discount.

    N 4 V 2 C 1
  2. 2022-01-12 proxy fight

    2022 01 ex1todfan14a06297302_011222

    61pp · 13D_filing

    Huntsman has missed every Investor Day target since 2014 and underperformed chemical peers by 330% since IPO; Starboard nominates four directors to force execution.

    N 4 V 2 C 2
  3. 2022-02-10 proxy fight

    e621273_ex 1

    5pp · letter

    Huntsman has underperformed peers by 575% since IPO and missed three straight Investor Day targets; elect four Starboard nominees on the BLUE card to restore board accountability.

    N 3 V 2 C 2
  4. 2022-02-10 proxy fight

    2022 02 Starboard_Value_LP_Letter_to_HUN_Stockholders_2.10.2022

    5pp · letter

    Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.

    N 4 V 3 C 3
  5. 2022-02-28 proxy fight

    2022 02 ex1todfan14a06297302_022822

    238pp · full_deck

    Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.

    N 5 V 4 C 4
  6. 2022-03-02 proxy fight

    2022 03 Starboard Value Huntsman Industrial Starboard Huntsman Presentation Mar 2022

    90pp · full_deck

    Huntsman has serially missed its own Investor Day promises while an entrenched board shields management; elect Starboard's four independent chemical-industry nominees to restore accountability.

    N 4 V 3 C 3
  7. 2022-03-03 proxy fight

    2022 03 ex1todfan14a06297302_030322

    17pp · letter

    Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.

    N 5 V 3 C 3
  8. 2022-03-08 proxy fight

    2022 03 ex1dfan14a06297302_030822

    90pp · full_deck

    Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.