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Legion pushes board struggle at OneSpan after settlement supply rejected By Reuters 



© Reuters.

By Svea Herbst-Bayliss

BOSTON (Reuters) – Legion Companions Asset Administration on Wednesday mentioned it’s pushing forward with a proxy contest to seat 4 administrators on OneSpan (NASDAQ:)’s board after the cybersecurity agency rejected a settlement proposal from the activist funding agency.

Legion, which has been an investor in OneSpan since 2018, additionally mentioned it now owns 6.91% of the corporate’s inventory, up from the 6.8% stake it owned when it first mentioned in February that it was nominating administrators.

The activist agency desires OneSpan to interact in a strategic evaluation and think about promoting its {hardware} enterprise, its eSignature enterprise and even the whole firm. It has additionally criticized the corporate for taking solely incremental steps to reverse its underperformance.

The agency, based by Christopher Kiper and Ted White, mentioned in a regulatory submitting that it had despatched an e-mail to the board with a high-level proposal to keep away from a proxy struggle. It proposed including three Legion nominees instantly and to push forward with the strategic evaluation.

The board responded that its unanimous view was to “not proceed in discussing a settlement settlement based mostly on the proposed phrases.”

An organization spokeswoman didn’t instantly reply to a request for remark.

Legion initially wrote to shareholders that it’s now time to elect “robust know-how leaders to the Board who will search to start a complete strategic evaluation of the Firm to find out the very best path ahead for the Firm and all its stakeholders.” The funding agency initially criticized OneSpan for having didn’t adequately appropriate the corporate’s low share worth and having made solely incremental modifications to the board.

The corporate earlier this month appointed Garry Capers, a cloud options government at Deluxe (NYSE:) Company, to its board.

OneSpan is presently valued at roughly $1 billion and has seen its share worth climb 30% since January. It was buying and selling at $26.86 on Wednesday.

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