Activist Target Outerwall to Explore Strategic and Financial Alternatives

Activist target Outerwall Inc. said Monday it will explore strategic and financial alternatives to maximize shareholder value.
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Activist target Outerwall Inc. said Monday it will explore strategic and financial alternatives to maximize shareholder value. The Bellevue, Wash.-based company, which owns the Redbox movie and video game rental kiosks, Coinstar change machines and ecoATM electronic recycling receptacles, said it has retained Morgan Stanley & Co. LLC as financial adviser and Perkins Coie LLP as legal adviser. In addition, the company said its board has declared an increase in the quarterly dividend to $0.60 a share from $0.30 a share. The dividend is expected to be paid on June 21, 2016 to shareholders of record at the close of business on June 7. In the announcement, CEO Erik Prusch said that the dividend increase and the decision to explore strategic and financial alternatives 'both clearly demonstrate that the Outerwall board of directors and management team are committed to acting in the best interests of the company and all shareholders.'