Engine Capital Issues Open Letter to Board of PDL BioPharma
NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine"), a significant shareholder of PDL BioPharma, Inc. (the "Company") (NASDAQ:PDLI), with ownership of approximately 5.3% of the Company's outstanding shares, today issued an open letter to the Company's Board of Directors (the "Board") encouraging the Company to immediately cease its investment activities and commence a review of strategic alternatives, including a possible sale or liquidation of the Company.
The full text of Engine's letter to the Board can be viewed at the following link:
About Engine Capital
Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.
Investor contact:
Engine Capital, L.P.
Arnaud Ajdler
(212) 321-0048
aajdler@enginecap.com
SOURCE Engine Capital, L.P.