(By Balaseshan) Ingersoll-Rand Plc
), a maker of maker of air conditioners and security systems, said it continued to evaluate a number of strategic opportunities, including the one put forth by activist investor Nelson Peltz's Trian Fund Management.
The company's board of directors has evaluated alternatives to enhance shareholder value and currently expects to complete its review and validation by year-end.
In the context of evaluating a range of strategic opportunities, the board invited Trian to present its ideas regarding the company's strategic direction at Thursday's meeting. Ingersoll Rand's board and management are dedicated to analyzing carefully and thoughtfully all alternatives in order to drive value for shareholders.
The Board has directed Ingersoll Rand's management team and advisors to continue to expeditiously assess these proposals in addition to other specific alternatives the Board has identified to potentially enhance shareholder value.
The company has engaged in substantial discussions with Trian and has made available its key executives, independent advisors and Board to engage in constructive dialogue to better understand Trian's proposals.
In addition, the board declared a quarterly dividend of $0.16 cents per ordinary share, payable on September 28, to shareholders of record on September 13, reflecting an annual dividend rate of $0.64 per share, up from $0.48 per share last year.
IR closed Thursday's regular session up 0.19% at $41.96. The stock has been trading between $25.86 and $45.62 for the past 52 weeks.