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Better Home & Finance withdraws challenge to Garg director fight
The company said a special board committee ended the challenge because prolonging the contest would add costs and uncertainty for stockholders.
Better Home & Finance Holding Company has withdrawn its challenge to a shareholder consent solicitation led by founder Vishal Garg, which seeks to remove five incumbent directors and restore Garg to a leadership role, HousingWire reports. The company said Monday that its decision follows action by a special committee of the board overseeing the response to the campaign.
The special committee said it is, in practice, ending the challenge to a preliminary report from an independent inspector of elections, arguing the choice is in the best interests of the company and its stockholders. The company cited the cost and uncertainty of a prolonged contest as part of the rationale.
Garg was removed as CEO by the board in early August and replaced on an interim basis by activist investor Daniel Lewis. Garg launched the consent solicitation to remove directors Lewis, Harit Talwar, Arnaud Massenet, Bhaskar Menon, and Prabhu Narasimhan, according to HousingWire.