On January 30, 2018, Owl Creek Asset Management, L.P. announced that it has publicly released a letter to the Board of Directors of Brunswick Corporation. In the letter, Owl Creek Asset expressed its view that all the Company stakeholders would benefit significantly from a spin-off of the fitness equipment business from the marine engine and boat manufacturing businesses. Owl Creek Asset expressed its view that the marine segment on a stand-alone basis is worth more than the current valuation for all of the Company, implying the market assigns negative value to the fitness segment. In addition, Owl Creek Asset expressed its view that a separately traded fitness business would command a public market premium. Owl Creek Asset also expressed its view that the Company’s board has already begun the process of adding new directors in the ordinary course of business. Owl Creek Asset stated that it has urged the Company to de-stagger the board resulting in annual elections for all directors.