MGM Hands Board Seat To Activist Hedge Fund Corvex’s Meister

www.oann.com | 5/8/2017 | Staff
liizu (Posted by) Level 3
(Reuters) – MGM Resorts International has struck a deal with hedge fund Corvex Management’s founder, Keith Meister, to give him a board seat, one week after a rival activist investor was seen building a position in the casino operator.

Corvex owns roughly 3 percent of MGM’s stock. Meister will join the board on Friday, expanding its size by one to 13 members, MGM said in a statement released late on Thursday.

MGM - Executive - Officer - Chairman - Jim

MGM’s chief executive officer and chairman, Jim Murren, said the company and Meister have been holding “constructive dialogue” over the last several months, and he praised the investor’s track record of “helping companies maximize value for shareholders as well as his experience in real estate and gaming.”

Speculation had mounted in recent days about a possible change to the board after Reuters reported that Starboard Value, led by Jeffrey Smith, had built a position in MGM and was considering pushing for changes.

January - MGM - Resorts

In early January, MGM Resorts announced...
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