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Quotient Expertise (NYSE:NYSE:QUOT), the guardian of Coupons.com, rose 7.3% after saying a plan to refresh its board in reference to a cooperation settlement with activist investor Engaged Capital.
The corporate will nominate Kate W. Vanek and Tracey Figurelli to face for election at the corporate’s annual assembly, in line with a assertion on Monday. As well as, David Oppenheimer, Jody Gessow, and Lorraine Hariton won’t stand for re-election, and Allison Hawkins and Eric Higgs will resign as of the annual assembly.
With the modifications, the board will now be diminished to seven administrators, six of whom might be unbiased, in line with Quotient.
“We’re grateful for the collaborative dialogue we’ve had with Quotient’s Board and new administration workforce and sit up for seeing them capitalize on the worth of the corporate’s property,” Glenn W. Welling, Founder and Chief Funding Officer of Engaged Capital, mentioned within the assertion.
Engaged Capital has been concerned with Quotient (QUOT) since 2021 and had two of its nominees added to the board final Might. Engaged took a stake within the firm in November 2021 and pushed for the Coupons.com proprietor to make modifications.
Reuters reported in early March that Quotient (QUOT) was exploring choices, together with a sale.
Pursuant to the cooperation settlement, Engaged Capital has agreed to the customary standstill and vote help agreements.
Extra on Quotient
- Quotient Expertise: From Coupons To Automated Instruments, Seems to be Undervalued
- Coupons.com-owner Quotient focused by activist Engaged Capital
