SpringOwl Asset Management, an activist investor, has called for support from shareholders of bwin.party digital entertainment (BPTY) to revive the company’s board structure.
The asset manager has claimed that bwin.party’s current board has overlooked considerable drop in shareholder value due to failed execution, failed merger and failed oversight.
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Bwin Interactive Entertainment’s share price has seen a 60% drop since the 2010 announcement its merger with PartyGaming.
SpringOwl, has further nominated and presented to the board the collective expertise of four new independent director candidates in technology, online and land-based gaming, brand marketing and bank regulation.
SpringOwl owner Jason N. Ader said that the firm’s presentation has received overwhelming support from the bwin.party shareholders.
"While our efforts to work with the incumbent Board towards a constructive solution continue, their lack of action in the face of substantial shareholder losses is frustrating. We believe that the contents of this presentation clearly outline the case for change at BPTY and call on the Board to immediately institute this needed change by seating the four Highly-Qualified Independent Director candidates," added Ader.
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By GlobalDataSpringOwl has urged BPTY shareholders to vote for the nominated candidates during its upcoming Annual General Meeting scheduled for 22 May 2014.
