Engaged Capital Wins Three Board Seats at Outerwall
Bloomberg, Reuters, CNBC and other media resources reported on an agreement reached between Olshan client Engaged Capital and Outerwall Inc., the owner of Redbox DVD rentals and Coinstar cash-exchange kiosks. Pursuant to the agreement, Outerwall agreed to immediately appoint to its Board Engaged Capital’s nominee, Jeffrey Brown, and add two other new Board members by August 1. Outerwall also agreed to retain a new legal adviser to help it review strategic alternatives. New director Brown will be given notice of, and opportunity to participate in, all meetings between the Board and its advisers related to Outerwall’s review of strategic alternatives. Steve Wolosky and Ryan P. Nebel represent Engaged Capital in connection with its activist campaign at OUTR.
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