The Kindred Group has declared the establishment of a selection committee, with Keith Meister, the founder of the activist investor, Cove Point Management, serving as the chair.
The five-member committee, appointed by Kindred’s primary stakeholders as of August 2022, will represent all investors and propose board members in advance of the group’s 2023 annual general gathering.
The confirmation of the committee follows Cove Point’s emergence as the largest shareholder in Unibet operator Kindred. Cove Point held a 15.0% interest in Kindred in August of this year and had been pressing the Kindred board to explore a sale.
At the time, Cove Point requested participation in the nomination of its next board, which is also reflected in Meister’s leadership role on the selection committee.
Cove Point’s announcement of its initial 10% stake in Kindred created a commotion, followed immediately by calls for the board to seek a sale.
Meister, who supports a sale, will lead the selection committee and assist in choosing the Kindred board.
Joining Meister on the committee are Cedric Boreau from Premier Investissement SAS, Peter Lundqvist from Sweden’s Third National Pension Fund, and Anders Strom from Veralda Investment Ltd.
Evert Carlsson, chairman of the Kindred board, was also included in the committee.
iGB has learned that Kindred’s board has contacted other operators and private equity companies, but couldn’t find any interested purchasers at the present price. Following this, Corvex raised its investment in the company.
Kindred also revealed earlier this week that it will stay in the Norwegian market and challenge the regulatory body Lotteritilsynet’s verdict to impose daily penalties on its operations.
Lotteritilsynet announced earlier this month that it will penalize Kindred’s Trannel subsidiary for each day it continues to operate in Norway. The penalties will take effect three weeks after the regulator issues its fine ruling, on October 5th.
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