Lastminute.com Faces Investor Pressure After CEO Detention (2)

Lastminute.com NV, one of Europe’s biggest online travel-booking platforms, is facing calls from investors to pursue a sale after some top executives were detained as part of a Swiss investigation.

In recent weeks, Dark Horse Capital Management, Raper Capital and Sage Wealth Management have called on Lastminute to hire advisers for a strategic review. While their stakes are small, several other minority shareholders are supporting them behind the scenes and Swiss proxy advisory firm Ethos said it expects a “complete reshuffle” of the board.

The focus is on Chief Executive Officer Fabio Cannavale, an Italian serial entrepreneur ...