Management Network Group Comes to Terms With Bryant Riley
| July 12th, 2008 | ||
| At the annual shareholders meeting of Management Network Group (TMNG), the company announced that activist investor Riley Investment Management had signed a standstill agreement. As part of the agreement, TMNG bought 1,000,000 shares back from Riley, which now owns 10.1% stake in the company. The agreement prohibits Riley from seeking to influence management, Board of Directors or the policies of TMNG for two years. Accordingly, Riley withdrew their request for representation on the board of directors. The activist hedge fund’s founder Bryant Riley had been seeking a position on TMNG’s board. Several institutional investors had written letters in support of Mr. Riley’s nomination, including Greenway Capital, who owned 4.15% as of April 10, 2008 and Slater Capital Management who owned 1.76% as of April 3, 2008. | ||
For Detailed Investor Profiles on these Investors, click below: |
Riley Investment Management |
Related People: Bryant Riley
Related Entities: B. Riley & Co., Inc.;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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