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L Brands Says Hedge Fund to Withdraw Board Nominees After Reaching Agreement

(Reuters) L Brands said last week that activist investor Barington Capital has agreed to withdraw its proposed board nominees and instead will serve as a special adviser as part of an agreement with the company. The agreement comes a month after Barington urged the company to either explore a spin off of the underperforming Victoria’s Secret brand or take the much financially stronger Bath & Body Works public. Barington would now vote in favor of the entire L Brands board nominees at its 2019 annual shareholder meeting, the company said here.

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