Pinterest reaches deal with activist Elliott; Steinberg to join board

1 min


165
104 shares, 165 points

NEW YORK (Reuters) – Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company.

Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. The two sides had been holding talks for several months.

Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a “one-of-a-kind agreement” and said the company “appreciates the perspective” Steinberg, Jesse Cohn, a managing partner at Elliott, and others at the firm bring.

Pinterest’s stock climbed 2.5% in after hours trading on the news that Elliott, one of the company’s biggest investors, was joining the board. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. The stock price has tumbled 38% since January and closed at $22.72 on Tuesday.

Elliott, one of the world’s busiest activist investing firms, has extensive experience in the tech and social media sector as Cohn held board seats at Twitter and eBay and worked closely with Steinberg on those investments.

Pinterest’s board will have 11 directors of which 8, including Steinberg, are independent.

(Reporting by Svea Herbst-Bayliss; Editing by Stephen Coates)

Source: KFGO


Like it? Share with your friends!

165
104 shares, 165 points

What's Your Reaction?

Cute Cute
26
Cute
Fun Fun
18
Fun
Hate Hate
13
Hate
Confused Confused
2
Confused
Fail Fail
21
Fail
Geeky Geeky
16
Geeky
Love Love
8
Love
OMG OMG
2
OMG
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format