February 28, 2020 / 1:37 PM / a month ago

BRIEF-PDL Biopharma Enters Into Cooperation Agreement With Engine Capital

Feb 28 (Reuters) - PDL BioPharma Inc:

* PDL BIOPHARMA ENTERS INTO COOPERATION AGREEMENT WITH ENGINE CAPITAL

* PDL BIOPHARMA INC - AGREED TO FORM A COST COMMITTEE OF BOARD, TO OVERSEE COST REDUCTION INITIATIVES

* PDL BIOPHARMA INC - WILL PRESENT A PROPOSAL TO DECLASSIFY BOARD AT 2020 ANNUAL MEETING

* PDL BIOPHARMA INC - FOLLOWING 2020 ANNUAL MEETING ALAN BAZAAR WILL BE APPOINTED TO COMPENSATION COMMITTEE

* PDL BIOPHARMA INC - FOLLOWING 2020 ANNUAL MEETING, BOARD WILL BE COMPRISED OF SEVEN DIRECTORS, FIVE OF WHOM ARE INDEPENDENT

* PDL BIOPHARMA INC - ENGINE HAS AGREED TO ABIDE BY CUSTOMARY STANDSTILL AND VOTING PROVISIONS Source text for Eikon: Further company coverage:

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