Catalent Enters Into Agreement With Activist Elliott For Board Seats; Stock Up In Pre-market

(RTTNews) - Catalent Inc. (CTLT) entered into an agreement with activist Elliott Investment Management to add board seats. The company has established new strategic and operational review committee to conduct a review of the company's business.

In Tuesday pre-market trade, CTLT was trading at $47.50 up $1.86 or 4.08%.

The Nominating and Corporate Governance Committee of the Board has recommended, and the Board has approved, the appointment of four new independent directors. They are Steven Barg, Frank D'Amelio, Stephanie Okey, and Michelle Ryan.

With those appointments, Catalent's Board of Directors will consist of 16 directors, 13 of whom are independent under the Company's director independence standards.

In addition, John Greisch has been appointed Executive Chair of the Board and will also chair the new Strategic and Operational Review Committee.

Catalent's board has also established a new Strategic and Operational Review Committee to conduct a review of the company's business, strategy and operations, as well as the Company's capital-allocation priorities, in order to maximize the long-term value of the company.

Catalent has entered into a Cooperation Agreement with Elliott Investment Management L.P., one of Catalent's largest investors, under which Elliott has agreed to customary standstill, voting, confidentiality, and other provisions.