February 16, 2018 / 1:36 AM / 6 months ago

UPDATE 1-Avis' biggest investor nominates 5 to board seat elections

(Adds statement from Avis, paragraph 3)

Feb 15 (Reuters) - Avis Budget Corp’s largest shareholder said on Thursday it had nominated five members for election to the car rental company’s board at the upcoming annual meeting.

SRS Investment Management LLC, which said it had a 31 percent economic interest in the company, nominated two current Avis board members and three new nominees.

Avis acknowledged in a statement it had received SRS’ notice and said it was “disappointed” it would be engaged in a “costly and distracting proxy fight.”

Avis last month approved a one-year stockholder rights plan, also known as a poison pill, to prevent SRS from obtaining control without paying a premium.

SRS said on Thursday its demands included the hiring of a new chief financial officer as well as linking management compensation with performance targets.

Reporting by Taenaz Shakir and Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila and Peter Cooney

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below