Grains trader Bunge Ltd. is adding four directors to its board, the company announced Wednesday, caving to pressure from two activist investors that have also encouraged the company to explore a sale.
The board members come from hedge fund D.E. Shaw & Co. and agricultural investment firm Continental Grain Co.
Three of the new members will join the board immediately, Bunge said, and the fourth will join by year’s end.
Bunge, which has its North American headquarters in Chesterfield, also announced the creation of a strategic review committee, led by Continental Grain’s CEO, to explore “enhancing long-term shareholder value.”
That committee could open the door to a sale, the Wall Street Journal reports, but the activist investors aren’t necessarily pushing Bunge to sell.
The company has fielded acquisition offers from Archer Daniels Midland Co., a rival grain trader, and Glencore, a commodities trader, as it faces low prices amidst an extended period of global grain oversupply, Reuters reports.