World News: 13:05 GMT Friday 29th March 2019. [GameStop Inc. via Globe Newswire via SPi World News]
GRAPEVINE, Texas, March 29, 2019 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) today confirmed that Hestia Capital Partners LP (“Hestia”), which owns approximately 160,000 shares of GameStop common stock, provided notice of its intent to nominate four individuals to stand for election to the Company’s Board of Directors at GameStop’s 2019 Annual Meeting of Stockholders. The Company’s 2019 Annual Meeting has not yet been scheduled and no shareholder action is required at this time.
The Company issued the following statement:
GameStop welcomes open communications with its shareholders and values constructive input toward the goal of enhancing shareholder value. Over the past several weeks, members of GameStop’s Board and the Company’s advisors have had extensive correspondence and held multiple discussions with Hestia, Permit Capital and their representatives to better understand their views.
Most recently, on March 27, we announced several new strategic partnerships in the esports space to help bring videogame culture and consumer experiences to life. These include alliances with Infinite Esports, Envy Gaming, Collegiate Star League and Complexity Gaming, one of North America’s most elite and longest standing esports organizations. One of many initiatives includes opening the new GameStop Performance Center, an 11,000 square-foot center housing a public gaming area for fans and sponsors.
GameStop is a leader in the video game industry, and its Board and management team are committed to leveraging that leadership position to discover new and unique ways to meet all of our customers’ entertainment needs. With new leadership and a new capital allocation plan in place, we are focused on implementing several new strategic initiatives to drive sustainable growth and profitability and deliver enhanced value to all shareholders.
GameStop’s Board comprises nine highly qualified directors, seven of whom are independent and all of whom are proven leaders with diverse experience across retail, gaming, technology, entertainment, digital media and finance. The GameStop Board regularly reviews its composition against the needs of the business to ensure it has the right mix of skills and expertise, and is currently evaluating candidates of its own, consistent with the Board’s commitment to refreshment.
The Company, in consultation with its advisors, will review Hestia and Permit’s notice of nominations to assess whether it complies with the Company’s Amended and Restated Bylaws. Having just received the notice of nominations, GameStop is unable to confirm whether, as submitted, the nominations are in compliance with the Company’s Amended and Restated Bylaws. The GameStop Board will present its formal recommendation regarding director nominees in the Company’s definitive proxy statement that will be filed with the U.S. Securities and Exchange Commission and mailed to all shareholders eligible to vote at GameStop’s 2019 Annual Meeting.
Perella Weinberg Partners LP is acting as GameStop’s financial advisor and Sullivan & Cromwell LLP and Pepper Hamilton LLP are acting as its legal advisors.
General information about GameStop Corp. can be obtained at the company’s corporate website. Follow and on Twitter and find GameStop on Facebook at .
GameStop Corp. Investor Relations
Innisfree M&A Incorporated
Art Crozier / Larry Miller
Matthew Sherman / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
Globe Newswire: 13:05 GMT Friday 29th March 2019
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