UPDATE 1 — Premier Inn owner Whitbread urges shareholders to reject Corvex's board seat demand
(Adds details on half-year results and background) Oct 13 (Reuters) — Premier Inn owner Whitbread on Tuesday backed its five-year turnaround plan and recommended its shareholders vote against activist investor Corvex Management's demand for a board seat. Britain's largest hotel operator is defending a strategy loaded with job cuts and the closure of branded restaurants, among other things, against Corvex, which last month escalated its campaign by demanding a seat on the board. The company said a general meeting to consider Corvex's resolution to add a new board member will be held on November 9. Whitbread also beat first-half adjusted pre-tax profit expectations and backed its full year outlook, as strong hotel trading in the UK and Germany helped offset cost inflation and the disruption of exiting its branded restaurant business. (Reporting by Yamini Kalia in Bengaluru; Editing by Jochelle Mendonca) ((Yamini.Kalia@thomsonreuters.com)
(Adds details on half-year results and background) Oct 13 (Reuters) — Premier Inn owner Whitbread on Tuesday backed its five-year turnaround plan and recommended its shareholders vote against activist investor Corvex Management's demand for a board seat. Britain's largest hotel operator is defending a strategy loaded with job cuts and the closure of branded restaurants, among other things, against Corvex, which last month escalated its campaign by demanding a seat on the board. The company said a general meeting to consider Corvex's resolution to add a new board member will be held on November 9.
Whitbread also beat first-half adjusted pre-tax profit expectations and backed its full year outlook, as strong hotel trading in the UK and Germany helped offset cost inflation and the disruption of exiting its branded restaurant business. com)