Olshan Client The Donerail Group Reaches Successful Settlement Outcome in Proxy Contest for Control at Turtle Beach
Law360, Reuters, and other media outlets reported that Olshan client The Donerail Group has reached a successful settlement with Turtle Beach that will initially give the activist investment firm three representatives on the U.S. Gaming gear company’s board of directors of eight directors. Turtle Beach announced that it will weigh bids from different buyers, as the California-headquartered company looks to sell. The Donerail Group, which has a beneficial ownership of 7.4% of Turtle Beach’s outstanding shares, has criticized the company for its “operational missteps” and has been pushed for the company to sell itself. If after 120 days the company has yet to sell, a principal from Donerail will join the board as another incumbent member leaves and a fifth mutually agreeable director will also be identified and appointed, as yet another incumbent steps away. Andrew Freedman, Ian Engoron, and Jack Meara represent The Donerail Group in its proxy campaign at Turtle Beach.