ROCKY HILL, N.J., March 30, 2016 /PRNewswire/ -- Raging Capital Management, LLC ("Raging Capital"), the beneficial owner of approximately 1.1 million shares, or 2.4% of the shares outstanding, of Ambac Financial Group, Inc. (NASDAQ: AMBC) ("Ambac" or the "Company") announced today that it is pleased with the Company's recent entry into Support Agreements with shareholders and fully supports the Ambac Board's recommended slate of directors up for election at the upcoming annual meeting.
While Raging Capital was not a party to the Support Agreements announced on March 28 that were signed by Ambac shareholders holding an aggregate of 18.5% of the outstanding shares, Raging Capital believes that the changes to the Board that resulted from those agreements -- specifically the additions of Ian Haft and David Herzog to the Board -- are in the best interests of the Company and its shareholders. We fully support the Ambac Board's and management's focus on maximizing shareholder value.
Raging Capital hopes that Canyon Capital will terminate their unnecessary proxy contest and will support the newly constituted board.
Raging Capital believes that Ambac is attractively positioned with numerous levers to unlock shareholder value. We are pleased with the progress Ambac is making including its ongoing efforts to optimize its portfolio of assets and liabilities. We believe the recent enhancements to the Board and management including the appointment of Nader Tavakoli as CEO will help to drive further value realization. Overall, we are increasingly confident in the future of Ambac thanks to the dedicated focus of the Board and management.
Raging Capital Contact:
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SOURCE Raging Capital Management, LLC