CRSR - Turtle Beach holder Donerail Group drops bid plans to nominate full board slate

Turtle Beach Corp. (NASDAQ:HEAR) holder Donerail Group, which has made several attempts to purchase the gaming headphone maker that were rejected, said it has dropped its bid to purchase the company and plans to nominate a full slate of directors to the board. "Although we previously made highly-competitive proposals to acquire Turtle Beach, we have withdrawn our most recent offer and are now 100% committed to turning around the company in the public market and for the benefit of all shareholders," William Wyatt, Donerail's managing member wrote in a letter to holders. The potential proxy battle comes after Donerail in December made a revised $32.86 offer for the gaming headphone maker, revised down from Donerail's original $36.50 bid from the summer. Donerail's announcement also comes after Turtle Beach (HEAR) shares dropped 11% yesterday after Wedbush downgraded the stock to neutral ahead of the company's 4Q earnings after the close today.  Wedbush analyst Michael Pachter said

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Turtle Beach holder Donerail Group drops bid, plans to nominate full board slate