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LONDON (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (SAF.PA) to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace (ZODC.PA), according to a letter seen by Reuters.
London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.
The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares.
Reporting by Maiya Keidan; editing by Carolyn Cohn