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(Reuters) - Daktronics said on Monday that activist investor Alta Fox would withdraw all its litigation against the company and support its reincorporation in Delaware.
The video display supplier added that it would appoint Alta Fox-recommended independent candidate Peter Feigin to its board of directors and seek the hedge fund's input on its search for a new chief financial officer.
"We are pleased to move forward in a constructive manner and work with the Board and management to enhance value for shareholders," said Connor Haley, managing partner of Alta Fox.
Alta Fox is currently Daktronics' largest shareholder, holding a stake of over 6.5% in the company, according to data compiled by LSEG.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Mohammed Safi Shamsi)