Colony Capital +1.2% after pact with activist, forms review committee
- Colony Capital (CLNY) gains 1.2% in premarket trading after entering a cooperation agreement with Blackwells Capital.
- Appoints Raymond Mikulich and Craig Hatkoff to the board, effective immediately.
- Blackwells and Colony will jointly agree on an additional appointment to the board.
- Board forms a strategic asset review committee to review, evaluate, and make recommendations to the board on issues relating to the company's assets and business configuration.
- Blackwells has agreed to certain customary standstill provisions, including voting in favor of the company's proposed slate of directors at Colony's 2019 annual meeting.
- Previously: Colony Capital up 3.5% on activist interest (Feb. 11)