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Indaba Issues Letter to the Board of Directors of Benefitfocus Regarding its Unwillingness to Agree to a Good Faith Settlement
April 15, 2021 GMT
SAN FRANCISCO (BUSINESS WIRE) Apr 15, 2021
Indaba Capital Management, L.P. (together with its affiliates, “Indaba” or “we”), which collectively with the other participants in its solicitation beneficially owns approximately 9.5% of the outstanding common shares of Benefitfocus, Inc. (NASDAQ: BNFT) (“Benefitfocus” or the “Company”), today issued the below open letter to the Company’s Board of Directors (the “Board”). As a reminder, Indaba recently nominated two highly-qualified and independent candidates – Ronald P. Mitchell and Nicholas K. Pianim – for election to the Company’s Board at the 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”).
Hedge fund Indaba Capital nominates two to Benefitfocus board reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
A Texas firm poured $80 million into one of South Carolina s biggest technology businesses earlier this year, giving it some sway to start putting its imprint on the company.
Last week, another investor arrived on the scene. It, too, appears to be bringing a hands-on approach with it.
Indaba Capital Management told regulators Tuesday that it recently shelled out $25.6 million to amass a 7.5 percent stake in Benefitfocus Inc. The flurry of purchases between Oct. 19 and Dec. 11 makes the California hedge fund the fourth-largest stockholder in the developer of cloud-based workplace benefits software, based on the most recent public disclosures.
In its filing with the Securities and Exchange Commission, Indaba said it snapped up the 2.4 million shares in the ordinary course of business and that they represented an attractive investment opportunity.