Under the terms of the agreement, Cloudera has appointed Nicholas Graziano and Jesse Lynn -- employees of Icahn Enterprises L.P. -- to the company's board of directors. The Icahn Group will limit its ownership of Cloudera securities to 20% of outstanding common stock.
"We are happy to have reached this agreement with Mr. Icahn and welcome Mr. Graziano and Mr. Lynn as members of our Board of Directors," said Martin Cole, CEO of Cloudera in a statement.
"Since the disclosure of his stake in Cloudera, we have been engaged in very constructive conversations with Carl and his colleagues. Based on the strength of our product portfolio, our impressive enterprise customer base, and the potential of our forthcoming new Cloudera Data Platform, Carl has indicated that he believes Cloudera is undervalued -- and we fully agree. Together with our new directors, the Board will continue to oversee the execution of Cloudera's strategic plan and drive value for stockholders."
Cloudera shares were trading up 1.1% at $7.08 in Monday’s pre-market session. The stock has a 52-week high of $20.18 and a 52-week low of $4.89.
Carl Icahn Rips Anadarko Buyout, Talks Cloudera And Trade War
Carl Icahn Takes Stake In Cloudera, But Wells Fargo Says Outlook Still Murky
Photo courtesy of Cloudera.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.