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Engine Capital Releases Presentation To Board Of PDL BioPharma

Calls on the Board to Cease Investment Activities and Commence a Review of Strategic Alternatives Immediately

Believes a Sale or Liquidation of the Company Represents the Best Risk-Adjusted Path Forward for Shareholders

Launches www.maximizevaluepdli.com to share its views with Respect to the Company

NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine"), a significant shareholder of PDL BioPharma, Inc. ("PDLI" or the "Company") (PDLI), with ownership of approximately 5.3% of the Company's outstanding shares, announced today that it has publicly released a presentation to the Board of Directors of the Company. The presentation highlights why the Company's current strategy is flawed and resulted in PDLI's stock trading at one of its widest discounts to book value prior to Engine filing its Schedule 13D on October 23, 2019. The presentation reviews the valuation of PDLI under different scenarios and concludes that a sale or liquidation of the Company represents the best risk-adjusted path forward for shareholders.

The full presentation is available at www.maximizevaluepdli.com, a website dedicated to sharing Engine's views with respect to creating value at PDLI. Engine encourages interested parties to visit the website regularly.

About Engine Capital
Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

Investor contact:
Engine Capital, L.P.
Arnaud Ajdler
(212) 321-0048
aajdler@enginecap.com

Cision
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View original content:http://www.prnewswire.com/news-releases/engine-capital-releases-presentation-to-board-of-pdl-biopharma-300956790.html