Rogers adds two independent directors after Starboard agreement (updated)

Rogers

27/02/2023 14:10

(Adds background)
       Feb 27 (Reuters) - Electronics materials maker Rogers
Corp  ROG.N  said on Monday it has entered into an agreement
with activist investment firm Starboard Value LP to add two
independent directors to the company's board.
    The company has appointed former Linde Plc  LIN.N  executive
Anne Roby and former chief of electrical power storage firm C&D
Technologies Armand Lauzon as new independent directors.
    The board will consist of nine members after the annual
meeting, Rogers said.
    Starboard will withdraw its director nominations, Rogers
said, adding the firm has also entered into a standstill and
voting agreement. 
    Starboard, which owns about 6.5% of Rogers, revealed in a
filing earlier this month, that it had nominated three
independent director candidates plus three of the firm's
principals to Rogers' board in a bid to push for changes.
    The move followed a 36% fall in Rogers' shares since
November, when DuPont  DD.N  walked away from a $5.2 billion
deal to buy the company because it failed to secure regulatory
approval for the transaction in China.
    As of Friday, Rogers had a market value of $2.82 billion.
The company, which was founded in 1832, makes materials used in
electronics and wireless infrastructure.


 (Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh
Kuber and Sriraj Kalluvila)
 ((pratyush.thakur@thomsonreuters.com;))