Corvex Statement on Kindred Group Investment

Rhea-AI Summary

Corvex Management LP disclosed ownership of over 10% of Kindred Group plc's shares as of April 28, 2022. Corvex expressed enthusiasm about being major shareholders and emphasized the need for the Kindred Board to engage a global financial advisor to explore strategic alternatives, including potential sale or business combination opportunities. They highlighted the importance of an informed Board to assess all relevant market data for decision-making. Corvex has engaged positively with Kindred's leadership, signaling support for the company's growth in the online gaming sector.

Positive

• Corvex owns over 10% of Kindred Group's shares, indicating significant investment interest.
• Constructive discussions have been held with Kindred's Board and management.
• Corvex advocates for strategic evaluation to enhance shareholder value.

Negative

• Call for strategic alternatives suggests potential weaknesses in the current business plan.

NEW YORK--(BUSINESS WIRE)-- On Thursday, April 28, 2022, in accordance with local regulations, Corvex Management LP (“Corvex”) disclosed ownership of more than 10% of the shares and voting rights of Kindred Group plc (Nasdaq Stockholm: KIND-SDB). In response to several inquiries, today Corvex issued the following statement regarding its investment:

“We are excited to be large shareholders of Kindred. To date, we have had constructive conversations with both the Chairman of the Board and senior management of Kindred. We believe Kindred has built a strategic position in the rapidly growing global online gaming space.

“Given recent developments, we believe the Kindred Board should immediately retain a leading, global financial advisor to evaluate strategic alternatives, including the potential value that could be achieved through a sale or business combination. A fully informed Board will be in the best position to weigh any strategic alternatives, compared with Kindred’s stand-alone business plan. While we have not pre-judged any path for Kindred, we believe the Board should possess all relevant market information and let the data drive the decision-making process. We look forward to continuing to work with the Kindred team.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006291/en/

Jonathan Gasthalter/Iain Hughes

Gasthalter & Co.

+1 (212) 257-4170

Source: Corvex Management LP

FAQ

What is Corvex Management's stake in Kindred Group as of April 2022?

Corvex Management LP disclosed owning over 10% of Kindred Group plc's shares on April 28, 2022.

What are Corvex's recommendations for Kindred Group's Board?

Corvex recommends that the Kindred Board engage a leading global financial advisor to evaluate strategic alternatives.

What does Corvex think about Kindred's position in the online gaming market?

Corvex believes Kindred has built a strategic position in the rapidly growing global online gaming space.

What recent actions have prompted Corvex’s statement regarding Kindred Group?

Corvex issued the statement following constructive conversations with Kindred's management and recent developments in the market.