ServiceMaster Stakeholder Questions Board on Possi
Dallas, TX, November 17, 2006--Newcastle Capital Management, L.P., which owns 6,375,000 shares of ServiceMaster representing in excess of 2% of the outstanding shares (which it believes makes it the sixth largest stockholder in the company), sent a letter to ServiceMaster’s board seeking information on indications of interest it may have previously received to acquire the company or its core businesses to ascertain whether the members of the board may have breached their fiduciary duties.
Mark E. Schwarz, the managing member of Newcastle, commented, "To the extent ServiceMaster conducted any type of sales process or received unsolicited offers, the shareholders deserve to know the terms of any offers made to the company and on what basis any offer was rejected by the Board. It is our view that any bona fide offer that would allow the shareholders to obtain a premium for their shares should have received serious consideration by the Board."
Newcastle Partners, L.P. delivered to the Corporate Secretary of ServiceMaster a demand letter to inspect all books and records relating to the sales process and any offers the company may have received.
