Report: Donerail Group Joining Turtle Beach’s Board Of Directors

It sounds like Turtle Beach will be getting some help to find a buyer. On May 15th, Reuters announced that the Donerail Group is reportedly close to reaching a settlement deal with the video game peripheral manufacturer Turtle Beach Corp. If this deal is completed, the Donerail Group will be given representatives on Turtle Beach’s board of directors.

Turtle Beach has reportedly agreed to add three members of the Donerail Group to its board of directors, bringing the total number of people on the board up to nine from six. Moreover, Reuters is reporting that one of the current directors is expected to retire at the company’s annual meeting which will be held next month.

This is a huge development for the accessory manufacturer which told Reuters it was exploring a sales process on May 5th as a way to maximize the value of the company’s stock. Turtle Beach’s board of directors will now form a strategic review committee to handle the company’s sales process. Sources said this group will be made up of four people, which includes two Donerail directors. Furthermore, sources claimed that managing partner Will Wyatt will serve as an adviser to that committee. Reuters is reporting that if Turtle Beach is not sold over the next 120 days, then a Donreail principal and another director will join the committee to help the board find a buyer.

Donerail is close to Turtle Beach. The organization currently has beneficial ownership of at least 7% of all shares in Turtle Beach.

(All information was provided by Reuters [1,2])