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BRIEF-Banc Of California reaches cooperation agreement with Legion Partners
2017年3月14日 / 上午10点28分 / 6 个月前

BRIEF-Banc Of California reaches cooperation agreement with Legion Partners

March 14 (Reuters) - Banc Of California Inc:

* Banc Of California reaches cooperation agreement with legion partners asset management

* Banc Of California - agreed to expand size of board by 2 members, conduct search in consultation with legion for 2 additional independent directors

* Banc Of California - Legion Partners agreed to withdraw its notice of nomination, submission of a business proposal submitted to company on February 6

* Says new independent directors will be in addition to previous appointments of Richard Lashley and W. Kirk Wycoff

* Banc Of California Inc - Legion Partners and its affiliates beneficially own approximately 6.6% of company’s outstanding common stock

* Banc Of California - says under terms of agreement, Legion Partners will vote its shares in support of any director nominated and recommended by board

* Banc Of California Inc - Legion Partners has also agreed to abide by certain customary standstill provisions

* Banc Of California Inc - Legion Partners also agreed to abide by certain customary standstill provisions

* Banc Of California Inc - Legion Partners will not acquire greater than 10% of outstanding common stock of company

* Banc Of California Inc - Legion Partners agreed, that it will not acquire greater than 10% of outstanding common stock of company

* Banc Of California - agreement will be in effect for period starting from signing of agreement through first day following co’s 2017 annual meeting

* Banc Of California-Calstrs has withdrawn its 14A-8 proposal regarding amending percentage of shares needed for shareholders to amend company’s bylaws

* Banc Of California Inc - Calstrs not a party to agreement with Legion

* Banc Of California - Legion’s proposed nominees, Marjorie Bowen and Roger H. Ballou, will be considered along with other candidates for 2 additional board seats Source text for Eikon: Further company coverage:

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