Sachem Head Announces Withdrawal of Proposals and Director Nominations at Anaplan

Rhea-AI Summary

Sachem Head Capital Management has withdrawn its stockholder proposals and director nominations for Anaplan (NYSE: PLAN) following the Company's agreement to be acquired by Thoma Bravo. This decision reflects a positive reception of the acquisition, with Sachem Head congratulating Anaplan's Board and management for their constructive engagement. The firm, founded in 2012, focuses on value-oriented equity investments in North America and Europe.

Positive

• Sachem Head withdrew stockholder proposals after Anaplan's acquisition agreement with Thoma Bravo, indicating support for the transaction.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Sachem Head Capital Management LP (“Sachem Head”) today issued the following statement in connection with its previously disclosed stockholder proposals and director nominations at Anaplan, Inc. (NYSE: PLAN) (“Anaplan” or the “Company”):

“In light of the Company’s agreement to be acquired by Thoma Bravo, Sachem Head has withdrawn its stockholder proposals and its notice of intent to nominate candidates for election to the Company’s Board of Directors. We congratulate the Board and the management team on the transaction, and we thank them for their constructive engagement.”

About Sachem Head Capital Management

Sachem Head is an investment manager founded in 2012 by Scott D. Ferguson. The firm employs a concentrated, value-oriented investment strategy and is primarily focused on equity investments in North America and Europe.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220323005363/en/

Media:

Longacre Square Partners

Dan Zacchei / Joe Germani

DZacchei@longacresquare.com / JGermani@longacresquare.com

Source: Sachem Head Capital Management LP

FAQ

What prompted Sachem Head to withdraw its proposals regarding Anaplan (PLAN)?

Sachem Head withdrew its proposals following Anaplan's agreement to be acquired by Thoma Bravo.

Who is acquiring Anaplan (NYSE: PLAN)?

Anaplan is being acquired by Thoma Bravo.

What does Sachem Head Capital Management do?

Sachem Head Capital Management is an investment manager focusing on concentrated, value-oriented equity investments.

When was Anaplan's acquisition announced?

The press release does not specify the exact announcement date for the acquisition.