United Bancorporation rejects activists’ rush demand for two board seats
UBAB•Board says timeline was unreasonable
United said the activists sought two board seats by email hours after an Aug. 31 call, requesting an answer within seven days.
The board said it will review the request under its standard governance process, calling the timeline unreasonable given director vetting requirements.
The company signaled limited appetite for further public back-and-forth, urging shareholders to take no action.
Company rejects board-seat demand from activists
United Bancorporation of Alabama rejected a board-seat demand from Merion Road Capital Management and Blue Hill Advisors, holders of about 2%.
Management cited more than 129% total shareholder return over five years, including USD 41 million returned via dividends and buybacks in the past 24 months.
