According to Reuters, Donerail pushes gaming headset maker Turtle Beach (HEAR) to explore a sale

  • May 3, 2021

POTENTIAL DEAL DETAILS

StockTurtle Beach CorporationSymbolHEAR
Date Announced04/30/2021Source Reuters
TypeNews Report

Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, has amassed a stake in Turtle Beach Corp (HEAR) and is pushing the maker of gaming headsets to explore a sale, people familiar with the matter said

Update(s):

August 19, 2021: The Donerail Group Announces That Its Recently Increased $36.50 All-Cash Offer Has Been Rejected By Turtle Beach Board (HEAR)

December 22, 2021: Donerail has submitted a revised offer to acquire Turtle Beach Corporation for $32.86 per share in cash.

March 2, 2022: Investment firm Donerail Group has abandoned plans to buy gaming equipment company Turtle Beach Corp (HEAR) and is instead seeking to oust all of its six board members including its CEO

March 22, 2022: Donerail Group is working with another asset manager to oust gaming equipment company Turtle Beach Corp’s (HEAR) entire board and has nominated six directors to staunch a steady share price drop, the investment firm wrote to other shareholders.

April 6, 2022: Activist Donerail urges Turtle Beach (HEAR) holders to prepare for a board vote

May 5, 2022:  Gaming equipment company Turtle Beach Corp (HEARsaid it is exploring a sales process as it considers ways to maximize value for shareholders.

May 16, 2022: Turtle Beach Corp (HEARhas reached out to additional strategic buyers and financial sponsors, including certain parties that made inbound inquiries over the past few weeks and those that previously indicated interest.

The Strategic Committee, which will include two incumbent directors and two Donerail designees, will oversee the ongoing, expanded strategic alternatives process. Donerail’s Managing Partner, William Wyatt, will serve as an observer to the Committee.

August 8, 2022:  The Strategic Committee has determined to conclude the proactive outreach to potential buyers.

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