Coinstar Inc. has proposed adding to its board another independent director who would be nominated by its major shareholders.
The Bellevue, Wash., company said Monday that the plan is an alternative to the three nominees proposed by an activist shareholder, Shamrock Activist Value Fund of Burbank, Calif.
Shamrock says it owns a 13.39% stake in Coinstar and has nominated two of its employees and a paid adviser to Coinstar's board, opposing three current directors seeking re-election.
David W. Cole, Coinstar's chief executive, said in a press release that "directors should represent the interests of all stockholders, not just one."
Coinstar proposed soliciting at least 10 nominations from a group of major stockholders, but said it would not proceed if shareholders elect any of Shamrock's nominees at its annual meeting June 3.
