March 14, 2018 / 11:51 AM / 10 days ago

Starboard nominees to Newell board agree to buy stake if elected

March 14 (Reuters) - Starboard Value LP, which is looking to replace the entire board of Newell Brands Inc, said on Wednesday three of its nominees would buy about $25 million of Newell’s stock with their own funds if the hedge fund gained full board control.

The activist investor is looking to replace all 12 Newell board members and the company’s chief executive, saying Newell underperformed peers and mismanaged the integration of Jarden Corp, which it bought in 2016.

Newell said Ian Ashken, Martin Franklin and James Lillie would buy the company’s stock if Starboard’s slate was elected at the upcoming shareholder meeting. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D’Souza)

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