The Wall Street Journal: Peltz’s Trian Fund nearing settlement with Legg Mason, could get up to four board seats

Money manager Legg Mason Inc. is nearing a settlement with Trian Fund Management LP that would give the activist hedge fund three or four seats on its board and avoid a proxy fight, according to people familiar with the matter.

The talks could still fall apart, the people cautioned—but should the two sides reach a deal, it could be announced soon.

The Wall Street Journal reported earlier this week that Trian may launch an activist campaign, has recently held discussions with Legg Mason management about the need to cut costs and improve margins and that a proxy fight was a possibility.

Should a deal come together, it would be Trian’s second time gaining access to the board of Legg Mason, which has $758 billion in assets under management. Trian previously owned Legg Mason stock from 2009 to 2016 and co-founder and Chief Executive Nelson Peltz sat on the Baltimore firm’s board before stepping off in 2014.

An expanded version of this report appears at WSJ.com.

Filed in: Top News Tags: 

You might like:

An estimated 10.7 million Americans could miss work the Monday after the ‘Game of Thrones’ finale An estimated 10.7 million Americans could miss work the Monday after the ‘Game of Thrones’ finale
The Moneyist: My mom gave my sister $20,000 for her stem-cell treatment, I want her to deduct it from her inheritance The Moneyist: My mom gave my sister $20,000 for her stem-cell treatment, I want her to deduct it from her inheritance
The Wall Street Journal: OPEC considers two scenarios to adjust oil production The Wall Street Journal: OPEC considers two scenarios to adjust oil production
Biden pitches himself as a uniter even as he tears into Trump Biden pitches himself as a uniter even as he tears into Trump
A new theory on why sleeping less than 7 hours per night can lead to heart disease and Type 2 diabetes A new theory on why sleeping less than 7 hours per night can lead to heart disease and Type 2 diabetes
Economic Preview: There’s no recession in sight, but the U.S. economy appears stuck in second gear Economic Preview: There’s no recession in sight, but the U.S. economy appears stuck in second gear
NewsWatch: Crowd psychology says this ‘fool’s rally’ in stocks could fool bears NewsWatch: Crowd psychology says this ‘fool’s rally’ in stocks could fool bears
The Wall Street Journal: Students were advised to falsely claim to be racial minorities in college-admissions scandal The Wall Street Journal: Students were advised to falsely claim to be racial minorities in college-admissions scandal

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.