Agilysys, Inc. (NASDAQ: AGYS) announced today that it has reached a settlement with Ramius Capital Group regarding the IT solutions provider's vacant board seats. In order to avoid the distractions of an ongoing proxy contest, the company agreed to appoint two of Ramius’ three nominees to its board of directors. The board appointees include technology-sector veterans John Mutch and Steve Tepedino.
Ramius Capital Group, an activist hedge fund manage, is the company’s second largest institutional investor, holding approximately 13% of Agilsys’s shares outstanding.
Both parties were delighted at the successful negotiations and are optimistic the agreement will allow for a greater dialogue in promoting future company growth. In the press release, Mark R. Mitchell of Ramius LLC commented “We believe the addition of John Mutch and Steve Tepedino will add valuable experience to the Board to help drive positive change and improved financial performance for the benefit of all Agilysys shareholders. We are grateful to have reached this settlement in cooperation with Agilysys and look forward to continuing our constructive dialogue.”
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