Match Group has headed off a potential proxy battle after activist investor Anson Funds Management LP agreed to withdraw its director nominations, following recent changes to the dating app company’s board composition, according to a report by Bloomberg.
In a statement released Tuesday, Match announced that it had appointed a new independent director – its second this month – and entered into an information-sharing agreement with Anson. The activist investor has also withdrawn its proposal to declassify the board. Match is moving forward with its own declassification proposal, which would shift directors to annual terms instead of staggered three-year tenures.
The move marks a rapid de-escalation in tensions between Match and the hedge fund, which earlier this month had nominated three board candidates and criticised the company for what it described as an “anti-stockholder culture.”
Two other activists, Elliott Investment Management and Starboard Value, who both hold significantly larger stakes than Anson, have also been advocating for strategic changes aimed at a growth revival at Tinder, Match’s flagship platform.
While Match rejected Anson’s nominees, the company responded with its own board refreshment. In its latest move, Match appointed Kelly Campbell, the former president of NBCUniversal’s Peacock streaming platform, to its board. The firm also disclosed that director Alan Spoon will retire at the upcoming annual meeting and not seek reelection.
