Turtle Beach to give activist investor Donerail three board seats

Turtle Beach

16/05/2022 12:40

May 16 (Reuters) - Turtle Beach Corp  HEAR.O  will give three seats on its
board to Donerail Group as part of a settlement with the activist investment
firm and other shareholders, the video game products maker said on Monday.
    The San Diego, California-based company's shares rose about 5% in trading
before the bell.
    As part of the deal, a strategic review committee will be formed to explore
options including sale of the company. The panel would include two incumbent
directors and two Donerail designees to oversee the process, the company said.
    One current Turtle Beach director will retire from the board, it added.
    Reuters had reported on Sunday that Donerail was close to reaching a
settlement with Turtle Beach that would give the hedge fund representation on
the board.  urn:newsml:reuters.com:*:nL2N2X70DQ
    Donerail has for long criticized the maker of gaming headsets and
controllers for operational missteps and has been pushing the company to sell
itself. Turtle Beach has maintained it has been doing its best to find a buyer
at an attractive price.  urn:newsml:reuters.com:*:nL3N2WN30M 

 (Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))