Key Summary: On May 9, 2024, AREX Capital (4.8%) criticized Enhabit’s strategic review for undervaluing the company and nominated seven independent directors to improve performance and shareholder value. They filed proxy materials and issued an investor presentation outlining a plan to increase EBITDA by 50%. AREX also expressed dissatisfaction with Enhabit’s recent presentation and urged shareholders to elect their nominees, which were endorsed by ISS and Glass Lewis on July 12 and 18, 2024, respectively. At the AGM held on July 25, 2024, stockholders have voted to elect eight of Enhabit’s director nominees and one nominee proposed by AREX Capital Management to the Board.
Market Cap: $470 million | Enhabit, Inc. provides home health and hospice services in the United States.
On May 9, 2024, AREX Capital (4.8%) expressed disappointment in Enhabit's strategic review outcome, believing it undervalues the company. AREX nominated seven independent directors, citing Enhabit's need for expertise in home health and hospice operations. They aim to enhance Enhabit's performance and shareholder value. Source
On May 28, 2024, AREX Capital filed proxy materials seeking support for its nominees.
On June 10, 2024, AREX Capital filed proxy materials seeking support for its nominees.
On June 27, 2024, AREX Capital issued an Investor Presentation titled “Rehabilitate Enhabit” detailing the AREX Slate’s comprehensive plan to turn around Enhabit’s operational performance and reduce costs, which AREX believes could increase EBITDA by 50%.
On July 5, 2024, AREX issued an open letter to its shareholders expressing its disappointment in the Company’s recent investor presentation, which it believes recycles the same excuses and makes the same empty promises on which the Company has repeatedly failed to deliver. AREX encourages stockholders to vote for all seven of its highly qualified nominees on the WHITE Proxy Card at the upcoming 2024 Annual Meeting of Stockholders.
On July 12, 2024, AREX Capital announced that ISS has recommended that stockholders elect AREX's nominees, Anna-Gene O'Neal, Mark W. Ohlendorf, and Dr. Gregory S. Sheff to the board. Source
On July 18, 2024, AREX Capital announced that Glass Lewis has recommended that stockholders elect AREX's nominees, Maxine Hochhauser, Mark W. Ohlendorf, and Dr. Gregory S. Sheff to the board. Source
On July 22, 2024, AREX issued an open letter to its fellow stockholders urging them to vote for its nominees.
At the AGM held on July 25, 2024, stockholders have voted to elect eight of Enhabit’s director nominees and one nominee proposed by AREX Capital Management to the Board.
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