- Pinterest ( NYSE: PINS ) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality and other commitments.
- The deal includes the appointment of Marc Steinberg, senior portfolio manager at Elliott, to Pinterest's ( PINS ) board effective December 16.
- With the addition of Steinberg, Pinterest's ( PINS ) board expands to eight independent directors and 11 members total.
- Shares of Pinterest ( PINS ) gained 2.8% after the bell.
- Elliott, which is reportedly Pinterest's ( PINS ) biggest shareholder , last month raised its stake in the company to 15M shares .
For further details see:
Pinterest inks standstill deal with largest shareholder Elliott Investment