HEAR - Private equity firm CC Capital takes 9.1% stake in Turtle Beach

Private equity firm CC Capital reported a 9.1% in headphone maker Turtle Beach Corp. (NASDAQ:HEAR). Woodland Hills, California-based CC Capital owned 1.5 million Turtle Beach (HEAR) shares, according to a 13G filing. The private equity stake come as activist activist investor Donerail Group has been involved in a proxy battle with the headphone maker to try to get six directors elected to the board after the company rejected several takeover offers from Donerail. The proxy fight amped up after Donerail in December made a revised $32.86/share offer for Turtle Beach. A settlement proposal from Turtle Beach offered to accept two independent directors from a pool of Donerail candidates, but the company says Donerail "refused to engage in good faith." The annual meeting is scheduled for June 7. Turtle Beach (HEAR) is scheduled to report Q1 results on Wednesday.

For further details see:

Private equity firm CC Capital takes 9.1% stake in Turtle Beach