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Report: Stewart Information close to striking deal with activist shareholder regarding board composition

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Report: Stewart Information close to striking deal with activist shareholder regarding board composition

is nearing an agreement with Starboard Value LP concerning its board composition, a dealthat would replace four of its nine board members, Reuters reported, citing"two people familiar with the matter."

Two of theboard members who would be replaced are Malcolm Morris and Stewart Morris Jr.,who had served as the company's co-CEOs from 2000 through November 2011,according to the report. Reuters said the identities of the two other boardmembers who could be removed and the four replacements are still unknown. Thenews outlet added that the agreement's terms could still be altered or the dealcould still fall through.

Stewart andStarboard refrained from comment, Reuters said.

Stewart inAugust filed tooppose Foundation AssetManagement LP's request for a special shareholder meeting, afterwhich the activist investor called for the removal of the former co-CEOs.

Starboardin May struck a dealwith Insperity Inc.regarding the latter's board composition. Starboard had also reportedly calledfor changes inYahoo! Inc.'smanagement, board and strategies.