SprinOwl and bwin.party have come to a compromise over board members with Jason Ader’s investment company installing Daniel Silvers as a member and having Michael Fertik, a Silicon Valley technology specialist, as a candidate for the other board member places that are being vacated.
The deal comes after SpringOwl call to investors to place up to 4 of its nominees on the board to help change the direction of the online gambling company to increase revenues. However with the deal comes the withdraw of all four nominees by the activist investment firm.
“I am pleased to be able to demonstrate common ground with SpringOwl and welcome its support,” said bwin.party chairman Philip Yea.
Daniel Silvers is a long-time associate of Ader and will offer SpringOwl a strong voice in the new look board.
“What I want is a higher share price and what is best for the company,” Ader told Reuters. “Our view is not that we’d like to see this stock at two pounds but we’re looking for three or four pounds.”
Ader said that his investment in bwin.party was a long term view.
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