Nabors Industries Ltd. (NBR), on Thursday said it reached an agreement with Pamplona Capital Management LLP, its largest shareholder to appoint two new independent directors to its board.
Nabors in a statement said that it agreed with Pamplona to appoint one director for 2013 and another for 2014, respectively and added that the director for the year 2013 had already been appointed.
In addition, Nabors said that Pamplona shall receive an exemption from Nabors' shareholder rights plan, allowing the fund to acquire up to 14.99% of Nabors' common shares, for which, Pamplona has agreed to vote its shares in support of the director nominees at the its 2013 and 2014 annual meetings, respectively.
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