Hess Makes 11th-Hour Deal To End Elliott Proxy Fight

Law360, New York (May 16, 2013, 1:41 PM EDT) -- Hess Corp. will add three directors nominated by Elliott Management Corp. and six new independent directors, ending a long-running proxy contest just hours before Thursday's shareholder vote after the early tally showed Elliott's slate in the lead.

Six incumbent directors will depart and nine new ones — six from Hess, three from Elliott — will take their place. For the hedge fund, the deal is sweeter than the two board seats Hess offered earlier this week, but not as good as its counteroffer, which would have...
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