AmeriServ Financial Reached Cooperation And Settlement Agreement With Driver Management; Driver To Withdraw Notice Of Nomination Of Director Candidates For Election, To Perpetual Standstill, Will Not Attempt To Bring Litigation Against Company
Portfolio Pulse from Benzinga Newsdesk
AmeriServ Financial has reached a cooperation and settlement agreement with Driver Management. As part of the agreement, Driver Management will withdraw its notice of nomination of director candidates for election and will not attempt to bring litigation against the company.
June 14, 2024 | 12:02 pm
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AmeriServ Financial has reached a settlement with Driver Management, leading to the withdrawal of director nominations and a commitment from Driver Management not to pursue litigation against the company.
The settlement removes the immediate threat of a proxy fight and potential litigation, which could have been disruptive and costly for AmeriServ Financial. This resolution is likely to be viewed positively by investors, as it provides stability and allows the company to focus on its operations without the distraction of a governance battle.
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