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Advance Auto Parts inks corporation agreement with activist investors

Invesitng.com -- Advance Auto Parts jumped in afterhours trading Monday after reaching a corporation with Dan Loeb's Third Point Capital and Saddle Point that provided the activist investors with three board seats.

Advance Auto Parts Inc (NYSE:AAP) rose more than 2% in afterhours on the news. The stock ended more 1% higher in the regular session after the Wall Street Journal reported on Third Point's position.

As part of an agreement with Third Point and Saddle Point Management, the company agreed to appoint A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to its board.

“These directors’ automotive industry and supply chain experience will help us progress in our plan to return the company to profitable growth,” board chairman, Gene Lee said in a statement.

Third Point has been pushing for more experienced board to improve the performance of the auto-parts maker after losing ground to rivals AutoZone (NYSE:AZO) and O’Reilly Automotive (NASDAQ:ORLY).

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.