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Newell Brands Cuts Board Deal with Icahn, Snubbing Starboard

(Reuters) Newell Brands Inc (NWL.N) said on Monday it has agreed to appoint four directors to its board put forward by billionaire investor Carl Icahn, a deal that excludes activist hedge fund Starboard Value LP, which had mounted its own board challenge. The agreement is an example of activist investors competing against each other rather than working in tandem. Starboard, which is seeking to replace Newell’s entire board of directors, declined to comment on its next move. Icahn disclosed a 6.86 percent stake in the Hoboken, New Jersey-based consumer products company last Friday. However, he and Newell CEO Michael Polk have been in discussions since last month, according to two people familiar with the matter who requested anonymity to disclose the confidential talks.

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