1. E.l.f. Beauty Shares Jump 6% After Activist letter Asks for Re-Evaluation at the Stockholders Agreement

    MarketWatch BoardNews
    E.l.f. Beauty Shares Jump 6% After Activist letter Asks for Re-Evaluation at the Stockholders Agreement

    E.l.f. Beauty Inc. ELF, +3.76% shares jumped 6.2% in Friday premarket trading after the company received a letter from activist investors Marathon Partners Equity Management LLC requesting, among other things, a re-evaluation of the shareholders agreement. "We believe the board has been overly accommodative to the interests of TPG on several levels, and this stance has harmed the independent public shareholders of e.l.f.," Marathon's letter said...

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    1. We believe the board has been overly accommodative to the interests of TPG on several levels, and this stance has harmed the independent public shareholders of e.l.f..
    2. Our primary concern is the ongoing presence of a third TPG-designated director on the Board while TPG has seemingly failed to satisfy the requisite 30% minimum ownership threshold of e.l.f.'s outstanding shares required to attain this level of representation.

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