Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Advance Auto Parts inks corporation agreement with activist investors

Published 03/11/2024, 04:50 PM
Updated 03/11/2024, 04:50 PM
© Reuters

Invesitng.com -- Advance Auto Parts jumped in afterhours trading Monday after reaching a corporation with Dan Loeb's Third Point Capital and Saddle Point that provided the activist investors with three board seats.

Advance Auto Parts Inc (NYSE:AAP) rose more than 2% in afterhours on the news. The stock ended more 1% higher in the regular session after the Wall Street Journal reported on Third Point's position.

As part of an agreement with Third Point and Saddle Point Management, the company agreed to appoint A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to its board.

“These directors’ automotive industry and supply chain experience will help us progress in our plan to return the company to profitable growth,” board chairman, Gene Lee said in a statement.

Third Point has been pushing for more experienced board to improve the performance of the auto-parts maker after losing ground to rivals AutoZone (NYSE:AZO) and O’Reilly Automotive (NASDAQ:ORLY).

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.