Engine Capital Issues Open Letter to Board of PDL BioPharma

Date : 10/23/2019 @ 11:00AM
Source : PR Newswire (US)
Stock : PDL BioPharma Inc (PDLI)
Quote : 3.595  0.0 (0.00%) @ 9:00AM

Engine Capital Issues Open Letter to Board of PDL BioPharma

PDL BioPharma (NASDAQ:PDLI)
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2 Months : From Oct 2019 to Dec 2019

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NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine"), a significant shareholder of PDL BioPharma, Inc. (the "Company") (NASDAQ:PDLI), with ownership of approximately 5.3% of the Company's outstanding shares, today issued an open letter to the Company's Board of Directors (the "Board") encouraging the Company to immediately cease its investment activities and commence a review of strategic alternatives, including a possible sale or liquidation of the Company.

The full text of Engine's letter to the Board can be viewed at the following link:

www.enginecap.com/pdli

About Engine Capital

Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

Investor contact:
Engine Capital, L.P.
Arnaud Ajdler
(212) 321-0048
aajdler@enginecap.com

Cision View original content:http://www.prnewswire.com/news-releases/engine-capital-issues-open-letter-to-board-of-pdl-biopharma-300943564.html

SOURCE Engine Capital, L.P.

Copyright 2019 PR Newswire

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