trending Market Intelligence /marketintelligence/en/news-insights/trending/qif_o4inpxy8ndggyymshq2 content esgSubNav
In This List

Alaska Communications reaches cooperation agreement with investor

Blog

Broadcast deal market recap 2021

Blog

Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021

Blog

Using ESG Analysis to Support a Sustainable Future


Alaska Communications reaches cooperation agreement with investor

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.