Massimo seeks to avoid proxy fight with Politan, makes settlement offer | Wilnesh News

Health Technology Company fieldfacing the threat of looming litigation and a second proxy fight, Offer to settle On Thursday, Politan Capital’s Quentin Koffey received a document calling for one of the activists’ proposed directors to fill the vacant board seat.

Craig Reynolds, Masimo’s lead independent director, said he hopes the addition of Politan’s nominee William Jellison to the company’s board will help “avoid significant disruption from a proxy fight.” and costs”. Chief Executive Joe Kiani said earlier this year that the company was trying to spin off its consumer technology unit with an unspecified joint venture partner.

Coffey said earlier this week that Massimo withheld information about the joint venture from the board, requiring directors to sign a nondisclosure agreement to learn the names of potential partners. He threatened to sue unless the company provided him with the information by Friday.

This settlement would not be possible if current director Rolf Classon were to resign due to “personal health reasons.”

Coffey launched a successful proxy fight at Masimo last year, winning representation for himself and another nominee. six-person board of directors. The activist believes Massimo’s consumer tech acquisitions were prompted by poor governance, an allegation endorsed by major shareholders that Coffey said has not abated during his time as a director.

Earlier this year, Politan launched a second proxy fight to oust Chiani, explain “The lack of oversight is damaging to shareholders.” The activist also noted that no board member other than Kiani had access to “basic facts,” even about R&D spending or sales and cost of goods.

Massimo declined to comment. Representatives for Politan did not immediately respond to a request for comment.