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Perrigo adds three directors in deal with activist Starboard

Starboard's CEO and founder Jeffrey Smith, Advent International partner Bradley Alford and Lux Capital partner Jeffrey Kindler were appointed to the board

By: Reuters |
February 7, 2017 7:43:32 pm

Perrigo Co Plc struck a deal on Tuesday with Starboard Value LP, agreeing to add three directors to the drugmaker’s board as the activist hedge fund ramps up pressure on the company. Starboard’s CEO and founder Jeffrey Smith, Advent International partner Bradley Alford and Lux Capital partner Jeffrey Kindler were appointed to the board on Tuesday.

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The agreement also allows Starboard, which owns 6.7 percent of Perrigo, to recommend two additional independent directors to the board. Prior to the deal, Perrigo’s board was comprised of seven members.

Perrigo’s announcement comes nearly five months after Starboard said the Dublin-based drugmaker must make immediate improvements to turn around its sagging stock price. Perrigo’s stock has fallen by half since last year, and failed to gain traction after Starboard’s arrival late last year.

The company said directors Herman Morris, Shlomo Yanai, Michael Jandernoa and Gary Kunkle will step down, effective immediately.

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