L. B. Foster Company (FSTR) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 25, 2024, L.B. Foster Company entered into a Cooperation Agreement with the Investor Group led by 22NW Fund, LP, which owns approximately 11% of the Company’s common stock. The agreement includes nominating Mr. Alexander B. Jones to the Company’s Board of Directors for the upcoming annual meeting, with the intention of him taking over the vacancy from Mr. Dirk Jungé. The Company will support Mr. Jones’s election similarly to other board nominees and has agreed to committee assignments for him. Additionally, the Investor Group has committed to certain standstill provisions and voting in line with board recommendations during the Standstill Period, while the agreement also contains confidentiality and non-disparagement clauses among other undertakings by both parties.
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