PITTSBURGH, Feb. 12, 2019 /PRNewswire/ -- Hestia Capital Management, LLC ("Hestia Capital") sent a letter today to the Board of Directors of GameStop Corp (NYSE: GME), stating they believe the Board should immediately pursue a tender offer of between $500M and $700M, and continue to buy back as much as $100M in stock per year so long as the company's stock remains undervalued. Additionally, Hestia Capital urged the Board to overhaul GameStop's executive compensation to better align their interests with shareholders.
Hestia Capital also expressed their belief that the Board should focus their CEO search on an executive who can leverage the company's significant competitive advantages while taking the necessary steps to streamline operations and reduce overhead costs, and who will not view Company cash as an opportunity to acquire non-strategic assets.
Link to access full letter: HESTIA CAPITAL LETTER TO GAMESTOP BOARD OF DIRECTORS
SOURCE Hestia Capital Management, LLC