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Funds News

BRIEF-Magnachip Semiconductor reaches settlement with Engaged Capital

May 27 (Reuters) - Magnachip Semiconductor Corp

* Says reaches settlement with Engaged Capital

* Camillo Martino and Melvin Keating will immediately join company as observers of company’s board of directors

* In addition, co will nominate Martino for election to board at company’s 2016 annual meeting of stockholders

* Immediately after 2016 annual meeting of stockholders, board will appoint Keating as a director

* Will nominate Martino for election to board at company’s 2016 annual meeting of stockholders

* Both Martino and Keating will serve on board’s strategic review committee upon becoming members of board

* Says Martino and Keating will serve on board’s strategic review committee upon becoming members of board

* Engaged Capital has also agreed to a customary standstill provision

* Engaged Capital has agreed to withdraw its notice of intent to nominate directors at 2016 annual meeting of stockholders Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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