(Reuters) -Indaba Capital Management said on Thursday, Benefitfocus (NASDAQ 🙂 Inc is not willing to compromise and appoint a hedge fund manager candidate to a software company’s board is disappointing. .
The parties have been trading for weeks about the company’s high turnover in its executive suite and who will sit on its board.
In his latest proposal, Indaba asked Benefitfocus to appoint Ronald Mitchell, one of the two hedge fund nominated candidates on March 16, to its board, and in return, they nominated Recommend to withdraw another nomination and accept the settlement terms.
Benefitfocus said on Thursday, Indaba misrepresented the terms of a privately negotiated proposal in which Mitchell would be appointed to the software company’s board on terms of standards compliance. market and to protect the interests of all shareholders.
“Many of these provisions were made necessary as Indaba continued to refuse to allow us to examine Mr. Mitchell, or even meet or interview him, until an agreement to appoint him was reached. board, ”Benefitfocus said in a statement.
In February, San Francisco-based Indaba appealed to Benefitfocus, in which it holds about a 9.5% stake, to sell its business after years of poor returns, stock prices falling during the period. The market explodes and warns shareholders that they will lose confidence if nothing changes.
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