Univar Investor Engine Capital Calls for Full Sales Process [BNN Bloomberg (Canada)]
Univar Solutions Inc. (UNVR)
Last univar solutions inc. earnings: 2/25 06:30 am
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investor.univar.com/investors/default.aspx
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Source: BNN Bloomberg
after it confirmed preliminary takeover talks last week with German rival Brenntag SE. Engine Capital, which said it owns roughly a 1% stake in Univar, sent a letter to the company's board Wednesday arguing the approach confirms its view that the stock is undervalued. While it commended Univar for its recently expanded share buyback program -- something Engine Capital suggested in another board letter in October -- it called for a full sales process now that the company is effectively in play. “This strategic approach from a direct competitor confirms Engine's view that Univar is undervalued in the public market and, in turn, a highly attractive acquisition target for qualified buyers,” Engine Capital Managing Partner Arnaud Ajdler and Partner Brad Favreau said in the letter, a copy of which was reviewed by Bloomberg. Engine Capital argued Univar could fetch $38 to $44 a share in a competitive auction. Univar fell 1.5% in trading Wednesday to $32.33 at 9:44 a.m. in New York, g
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