Donerail Group is close to reaching a settlement with Turtle Beach Corp that will give the activist investment firm representatives on the US gaming gear company's board of directors, people familiar with the matter said on Sunday.
Turtle Beach has agreed to add three Donerail nominees to its board, expanding it from six to nine directors, the sources said. One director is expected to retire at the annual meeting next month. Turtle Beach's board has formed a strategic review committee handling the process to sell the company and it will have four members, including two Donerail directors, according to the sources. Donerail's managing partner Will Wyatt will be an adviser to that committee, the sources said.
The sources said the settlement between the two sides could be announced as early as Monday and asked not to be identified because the matter is confidential.Its stock price has fallen 42 per cent over the last 52 weeks compared with a 3.4 per cent decline in the S&P 500 index.
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