NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Engine Capital LP
(together with its affiliates, "Engine"), a significant shareholder
of PDL BioPharma, Inc. ("PDLI" or the "Company") (Nasdaq: PDLI),
with ownership of approximately 5.3% of the Company's outstanding
shares, announced today that it has publicly released a
presentation to the Board of Directors of the Company. The
presentation highlights why the Company's current strategy is
flawed and resulted in PDLI's stock trading at one of its widest
discounts to book value prior to Engine filing its Schedule 13D on
October 23, 2019. The presentation
reviews the valuation of PDLI under different scenarios and
concludes that a sale or liquidation of the Company represents the
best risk-adjusted path forward for shareholders.
The full presentation is available at www.maximizevaluepdli.com,
a website dedicated to sharing Engine's views with respect to
creating value at PDLI. Engine encourages interested parties to
visit the website regularly.
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
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SOURCE Engine Capital, L.P.