(HAIN) , a pure-play natural and organic food company, is close to reaching an agreement with an activist investment fund that would bring on six new directors and install the insurgent fund's manager, Glenn Welling, onto a newly formed strategic review committee set up to consider strategic options such as a sale, according to a person familiar with the situation.
According to a person familiar with the situation, Welling was interested in pushing the company to boost revenue through a new stronger approach to sales and promotion but that he also wanted to see the company consider selling itself to another larger packaged foods company.
In addition, Centerview Partners, an investment bank, has been retained to help with the review, he said.
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