Starboard Settlement Adds Fresh Faces To Perrigo's Board

Law360, New York (February 7, 2017, 5:57 PM EST) -- Perrigo revealed Tuesday that it will swap out five of its directors for new members picked by Starboard as part of a settlement with the activist hedge fund, which has been pressuring the over-the-counter consumer goods and pharmaceutical company to turn around a steady decline in its stock price.

Ireland-based Perrigo Co. PLC appointed three of Starboard Value LP’s picks — including Jeffrey Smith, the activist hedge fund’s CEO and chief investment officer — to its board of directors, effective immediately, according to a statement. Starboard, which holds a 6.7 percent stake in Perrigo, will also be responsible for recommending two more independent...

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