UPDATE 2-Dissident shareholder claims Schulman proxy win
(Recasts, adds Ramius comments, stock rebounds)
NEW YORK, Jan 10 (Reuters) - Dissident shareholder Ramius Capital claimed victory in the proxy battle for A. Schulman Inc (SHLM.O) on Thursday after shareholders of the plastics company elected two of its candidates to the board of directors.
Based on preliminary voting from its shareholder meeting, Ramius nominees Michael Caporale Jr and Lee Meyer won election over candidates proposed by the company, Schulman said.
The final vote tally is expected to be certified within a week, the Akron, Ohio-based company said.
"We are gratified by the strong support from Schulman's stockholders," said Ramius partner Mark Mitchell. "They clearly understand the benefits of adding two independent directors of the caliber of Michael Caporale, Jr. and Lee Meyer to the Board."
Ramius, which owns about 7.4 percent of Schulman's stock, has criticized the company's management for not living up to its promise to explore strategic alternatives, including a possible merger or sale.
Last month, Schulman named Goodyear Tire & Rubber Co (GT.N) executive Joseph Gingo to replace Terry Haines as chief executive and president.
The company had also announced a 100-day plan aimed at improving profitability and driving future earnings growth.
Reacting to the shareholder vote, Ramius' Mitchell said Meyer and Caporale "are highly qualified individuals who will work diligently to increase the value of Schulman for all stockholders.
"The company has a portfolio of valuable assets, the value of which is not reflected in its current market value. We look forward to the new board and new management proactively seeking to maximize the value of the company for its stockholders."
Schulman shares fell 2 percent on the NASDAQ after the announcement, but rebounded later and were up 8 cents each at $20.60 in Thursday afternoon trading.
The shares had declined 3 percent during 2007 and hit their lowest level in more than three months earlier this week. (Additional reporting by Matt Daily; Editing by Andre Grenon)
