Report: United Continental Close To Reaching Deal With Hedge Funds

Shares of United Continental Holdings Inc (NYSE: UAL) were trading higher by nearly 2 percent Tuesday morning following reports the company may be close to reaching an agreement two hedge funds.

Altimeter Capital Management and PAR Capital Management hold a combined 7.1 percent stake in the airline. The funds are pushing the company to nominate six directors to United's Board to shake up the company amid a poor stock performance.

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CNBC reported a deal between United Continental and the hedge funds could come within the next week.

CNBC added the agreement could include new directors in addition to the three independent directors already added last months. An agreement may also include an independent chairman.