Alaska Communications Systems Group Inc. reached a cooperation agreement with TAR Holdings LLC and its affiliates, which beneficially own about 4.97% of the company's outstanding common shares.

As part of the agreement, the company's board named two new independent directors, Wayne Barr Jr. and Robert Pons, to its board, effective immediately, according to a May 9 news release. The company will also support their re-election at the 2018 annual meeting of stockholders as part of an eight-person slate of nominees recommended by board.

Moreover, TAR Holdings will vote in favor of all of Alaska Communications' director nominees at the annual meeting. TAR Holdings and its affiliates have also agreed to abide by certain customary standstill provisions until the earlier of 10 days before the expiration of the advance notice period for the submission of stockholder nominations to be considered at Alaska Communications' 2019 annual meeting of stockholders and 100 days before the first anniversary of the annual meeting.

Morgan Lewis & Bockius LLP served as legal counsel to Alaska Communications. Hunton Andrews Kurth LLP served as legal counsel to TAR Holdings.

In April, Alaska Communications' board found the notice of director nominees by TAR Holdings to be out of compliance with the company's amended and restated bylaws.