Matalan chairman John Hargreaves was given an ultimatum by his board of directors on Wednesday. In reaction to his plans to take the discount retail chain private, the board told him he had four weeks to either make a proper offer for the company or step down. Hargreaves, whose family controls 53 percent of the company, was also asked by the Matalan’s biggest institutional shareholder, Harris Associates, to “step down and make a proper bid.” David Herro, a fund manager at Harris Associates, told the FT: “He should step off the board and then, if the deal does not get consummated, he could come back as a non-executive but not as chairman.” He said that Hargreaves had already verbally committed to standing down and should do so now. “The company cannot live up to its potential with this constant instability in top management.” If the four-week deadline is not met, there is a possibility that the board could resign, reports the FT.
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