Engine Capital Reaches Agreement with PDL BioPharma for Board Representation and Governance Improvements

Yahoo Finance, Reuters and other media sources reported on the agreement reached between Olshan client Engine Capital and PDL BioPharma pursuant to which Alan Bazaar was appointed to the company’s Board of Directors and as the Chairman of its newly-formed Cost Committee intended to oversee cost reduction initiatives. As part of the agreement, PDL BioPharma also agreed to present a proposal to declassify its Board at the upcoming 2020 annual meeting. Andrew Freedman and Ryan Nebel represent Engine Capital in connection with its investment in PDL BioPharma.