- Farmer Bros ( NASDAQ: FARM ) said Monday it inked a cooperation deal with JCP Investment Management and 22NW, which together own ~15.7% of its outstanding stock.
- Farmer Bros ( FARM ) will appoint Bradley Radoff as an independent director.
- The company will nominate another candidate as independent director to replace Charles Marcy, who plans to retire. Christopher Mottern will also retire from the board, effective Jun. 30.
- The size of the board will not exceed eight after Mottern retires.
- Farmer Bros ( FARM ) also agreed to form a new board committee to review strategic alternatives and capital allocation initiatives.
- JCP agreed to withdraw its notice of intent to nominate director candidates, and both JCP and 22NW will cease all solicitation and other activities in connection with Farmer Bros' ( FARM ) 2022 annual meeting.
- JCP and 22NW also agreed to customary standstill provisions and voting commitments.
- Shares of Farmer Bros ( FARM ) edged 2.3% higher .
- JCP Investment last month disclosed a 6.7% stake in Farmer Bros ( FARM ) and its intent to nominate three candidates for election to the board .
For further details see:
Farmer Bros rejigs board, inks cooperation deal with shareholders JCP & 22NW