Showdown, United Kingdom | Whitbread: shareholders reject Corvex’s board nominee

At a general meeting in Dunstable on 9 November, 83% of Whitbread shareholders voted against a resolution from activist fund Corvex Management that sought to put its partner James Gemmel on the board. The vote ends nearly a year of pressure from a shareholder that had called for the Premier Inn owner to be put up for sale. It also strengthens management's hand on its five-year plan.

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La Tribune de l’Hôtellerie
par La Tribune de l’Hôtellerie
Un coup d'arrêt...provisoire pour le fonds activiste
Illustration @ credit Depositphotos.com
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The standoff between Whitbread and Corvex Management LP has been settled at the ballot box. Meeting on 9 November at Whitbread Court, the group’s headquarters in Dunstable, shareholders in the Premier Inn owner rejected the resolution tabled by the New York-based activist fund. It sought to appoint James Gemmel, a partner at Corvex, to the board.

The result leaves little room for interpretation: 83% of votes cast opposed the proposal. Excluding shares held by Corvex, the figure rises to 91%.

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