Charles River Laboratories (CRL) said Wednesday it plans to undertake a strategic review of its business including an assessment of alternatives to enhance long-term stockholder value.
The pharmaceutical company also said it has entered into a cooperation agreement with Elliott Investment Management, its largest shareholder, under which the activist investor assented to customary standstill, voting, confidentiality, and other provisions.
The company said it has agreed to appoint four new directors who will join the board after the shareholders' annual meeting on May 20: Steven Barg, Abe Ceesay, Mark Enyedy, and Paul Graves.
After the new director appointments, the board will consist of 11 members, nine of whom will be independent, the company said.
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