U.S. hedge fund Engine Capital urges Univar to consider sale, other options [Reuters]
Univar Solutions Inc. (UNVR)
Last univar solutions inc. earnings: 2/25 06:30 am
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Source: Reuters
Nov 30 (Reuters) - U.S. hedge fund Engine Capital on Wednesday urged Univar Solutions Inc (UNVR.N) to consider a sale or other strategic options, days after Germany's Brenntag SE (BNRGn.DE) said it was in preliminary talks to buy the chemicals distributor. 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 from other parties to begin the sale process. "While we acknowledge the industrial logic of a combination between Univar and Brenntag, and believe the synergies would be material, we also note that private equity has been actively involved in the space," Engine Capital said in the letter. E
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