April 30 (Reuters) - Nielsen Holdings said on Thursday it had agreed to share certain confidential documents with activist investor Elliott Management and appoint media veteran Jonathan Miller to its board.
Nielsen signed an agreement with Elliott, which owns a 13% stake in the market research firm, that also calls for the formation of a finance committee to oversee its financial plans including Nielsen's split into two companies.
"Elliott believes that Nielsen is significantly undervalued, and we have increased our economic stake in the Company to 13% given our conviction in the value opportunity. We have had collaborative engagement with Nielsen over the past two years, and today's agreement allows us to further this engagement," Elliott partner Jesse Cohn said.
Nielsen, best known for its television ratings that are used to determine advertising rates for TV commercials, said in November it would split into two publicly traded companies to boost shareholder value after Elliott urged a sale of the company. (Reporting by Neha Malara in Bengaluru; Editing by Shinjini Ganguli)