Hedge fund proposes reconstituted Hess board to end proxy fight

Hedge fund Elliott Management Corp said on Tuesday that all of its board nominees and all of Hess Corp's should make up a reconstituted board, a day after the activist investor rejected the oil producer's offer of two board seats.

The size and composition of the board is to be agreed upon, Elliott Management said in a statement.

Hess is scrambling to avoid an embarrassing defeat to Elliott at its annual meeting on Thursday. Elliott, which owns a 4.5 percent stake in Hess, is running a slate of five directors against Hess' nominees.

(Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj Kalluvila)