Cases & Deals

Newell Brands enters into settlement agreement with Starboard Value that ended Newell's ongoing proxy contest with Starboard

Client(s) Newell Brands Inc.

Jones Day advised Newell Brands Inc. in its entry into a settlement agreement with activist shareholder Starboard Value LP that ended Newell’s ongoing proxy contest with Starboard. Starboard launched a proxy contest against Newell in February 2018, announcing that it intended to replace Newell’s entire Board and CEO.

Previously, on March 19, 2018, Jones Day advised Newell in its entry into a cooperation agreement with Carl C. Icahn that aligned Mr. Icahn with Newell against Starboard in the proxy contest. Starboard pressed forward with the proxy contest in response—announcing that it intended to replace a minority of Newell’s Board.

Jones Day continues to advise Newell and its Board on various strategic and corporate governance issues, particularly as Newell navigates the, currently turbulent, consumer retail market.