(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.
In addition, Centerview Partners, an investment bank, has been retained to help with the review, he said.
(STKL) , an investment that helped drive the company's shares up to its recent price of around $8.30 a share from about $6 at the time.
A key driver behind Welling's campaign and the company's potential M&A future is its move on June 22 to issue its 2016 annual report, after 13 months without filings after the company corrected what it said were "immaterial errors" for prior period financial statements.
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