Activist hedge fund Engaged Capital and Rovi Corp Battle over Board Slates

April 20th, 2015
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Rovi Corp, a provider of television guides to cable companies, is attempting to fend off a challenge to its slate of board directors by activist hedge fund Engaged Capital LLC. As reported by Reuters, hedge fund, Engaged Capital, a 0.49% stakeholder in Rovi Corp, has nominated its own slate to counter the unaccountable governance structure of the current board members.

The three directors up for re-election have run virtually unopposed for a long period of time. In recommending their re-election to its shareholders, Rovi Corp insists that the slate proposed by Engaged Capital offers little in the way of leadership or expertise that could benefit the company strategically. The election of board directors will take place May 13 at the company’s annual meeting.
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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