U.S. hedge fund Engine Capital urges Univar to consider sale, other options
2022.11.30 09:59
U.S. hedge fund Engine Capital urges Univar to consider sale, other options
Budrigannews.com – U.S. hedge fund Engine Capital on Wednesday urged Univar (NYSE:) Solutions Inc to consider a sale or other strategic options, days after Germany’s Brenntag SE said it was in preliminary talks to buy the chemicals company.
Engine, which owns about 1% of Univar, said in an open letter that the bid by Brenntag confirms its view that the company is “undervalued” and a “highly attractive acquisition target”.
While Brenntag and Univar did not disclose any financial details from their talks, Engine said a sale price between $38 and $44 per share is achievable if the Univar board runs a competitive sale process.
It urged the company to publicly invite more bids to begin the sale process.
