Purple Innovation: Coliseum rejects committee’s recent settlement proposal

The Special Committee of the Board of Directors of Purple Innovation announced that Coliseum Capital Management has rejected the Special Committee’s most recent settlement proposal put forth on March 9. Coliseum owns approximately 44.7% of Purple, with the remaining shares owned by public market investors. "In response to Coliseum’s multiple attempts to take over the Company without the payment of an adequate control premium, the Special Committee has been seeking a resolution that serves the best interests of all shareholders. We would like to ensure that the Public Shareholders, who own approximately 55% of Purple, continue to have influence over the Company and a voice in its governance," said Dawn Zier, Chair of the Special Committee of the Purple Board of Directors. "Unfortunately, Coliseum has rejected our proposal, which provided that Coliseum-nominated directors would fill three of the six non-management director seats on the Purple Board, giving them influence over the Board in proportion to their ownership stake in the Company. We will continue to work towards reaching a solution that treats all parties – including Coliseum – fairly."