Coinstar to consider Shamrock Activist's plan to improve corporate governance

By Lisa Kerner

Charlotte, N.C., March 25 - Coinstar, Inc. said its nominating and governance committee is reviewing Shamrock Activist Value Fund LP's corporate governance suggestions and will make a recommendation to the full board following the review process.

In a March 25 letter to Shamrock, Coinstar chief executive officer David W. Cole reiterated that the company is committed to acting in its shareholders' best interests. The letter was included in a form 8-K filing with the Securities and Exchange Commission.

It was previously reported that following a March 20 meeting with the committee, Shamrock suggested that Coinstar's board:

• Declassify the staggered board;

• Adopt a majority voting standard for director elections;

• Cancel its poison pill; and

• Increase stock ownership requirements for company directors.

Shamrock originally reported its recommendations in a schedule 13D filing with the SEC.

The investors beneficially own 3,712,755 shares, or 13.9%, of the company's outstanding stock.

Bellevue, Wash.-based Coinstar owns and operates self-service coin-counting machines.

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