Starboard Value, one of the largest shareholders of Magellan Health, with an ownership interest of approximately 9.8% of the company’s outstanding shares, announced that it will be nominating a full slate of highly qualified candidates for election to the Board of Directors at the company’s 2019 Annual Meeting of Shareholders. Starboard expects that five of the company’s nine current Board members will be standing for election at the Annual Meeting, and if that remains the case, Starboard has indicated that it would withdraw one of its six director candidates. Starboard also announced that it has issued an open letter to Magellan shareholders, which, among other things, details the extensive and prolonged underperformance at Magellan and includes the identity and biographies of each of Starboard’s six director candidates
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