Market Cap: $1.3 billion | Evolent Health, Inc., through its subsidiary, Evolent Health LLC, provides health care delivery and payment solutions in the United States. The company operates through two segments, Services and True Health.
On August 20, 2020, Engaged Capital disclosed 9.99% and stated that it intends to review their investment in the company on a continuing basis and to communicate with the management and board regarding potential steps to unlock the intrinsic value of the company’s core business, including, but not limited to, improving capital allocation, divesting non-core assets and/or exploring a sale of the entire company. Source
On December 21, 2020, Engaged Capital (9.96%) entered into a Cooperation Agreement with the company and pursuant to it, the company increased the size of the Board by one member and appointed Craig A. Barbarosh as a Class III director with a term expiring at the 2021 annual meeting of stockholders. The company also agreed to form a Strategy Committee to make recommendations to the Board with respect to value creation initiatives, including through improvements to the company’s operations, financial performance (including cost reduction) and overall business strategy and direction. Mr. Barbarosh will be appointed to the Strategy Committee as well as the Compensation Committee of the Board. In addition, at the 2021 annual meeting the company will propose an amendment to its Charter and seek stockholder approval to declassify the Board such that, if passed, directors standing for election at and subsequent to the 2021 Annual Meeting will stand for election to one-year terms.
Kommentare