A former director at Newell Brands said Tuesday he may bid to acquire some of the manufacturer’s assets, including Yankee Candle, Mr. Coffee and Crock-Pot.
Financier Martin Franklin — who sat on Newell’s board until January — confirmed his interest in the brands on Tuesday, a day after billionaire Carl Icahn struck a deal with Newell’s board to fend off an attack by activist hedge fund Starboard Value.
Franklin had been working with Starboard to overhaul Newell’s board, sitting on its proposed slate of new directors, as the company’s stock has plunged more than 40 percent over the last year.
But when Icahn won seats on Newell’s board Monday, Franklin dropped his bid to rejoin the board under the Starboard umbrella. Starboard, meanwhile, has put it proxy fight on hold.
“Given the circumstances, we plan to focus on other opportunities but fully support Starboard in their deliberations,” Franklin said in a statement early Tuesday.
It didn’t take long for Franklin — who joined Newell’s board after Jarden, the company he co-founded, was acquired by Newell in April 2016 — to identify those opportunities.
“We are literally on the hunt and we will look at some of the Newell assets. I know those assets well and why shouldn’t we look at them. Our money is as green as anyone else’s,” Franklin told Reuters Tuesday.
Starboard did not respond to requests to comment. Newell reps declined to comment.



