PBI - Pitney Bowes gains amid report holders expected to elect Hestia board nominees

2023-05-09 09:11:11 ET

• Pitney Bowes ( NYSE: PBI ) rose 5% in premarket trading on a report that shareholders are expected to elect four board nominees proposed by holder Hestia Capital Management.
• Holders are expected to elect the Hestia nominees, according to a Reuters report, which cited people familiar. Pitney Bowes ( PBI ) is holding its annual meeting and vote on the director nominees on Tuesday.
• Hestia recently received support from leading proxy advisory firms ISS and Glass Lewis for its board candidates. Hestia, which has an 8.4% stake in Pitney Bowes, announced its intention t o file a preliminary proxy stateme nt to nominate directors in late February.
• Hestia first disclosed its stake in Pitney Bowes ( PBI ) in November and reportedly had some discussions with the company and suggested a sale of some of its underperforming businesses.

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