Activist investor Ancora urges Berry Global to consider options including sale (updated)
29/11/2021 12:14
(Adds details on the letter, share movement)
Nov 29 (Reuters) - Activist investor Ancora Holdings Group
LLC in a letter to Berry Global Group Inc BERY.N on Monday
urged the plastic maker's board to initiate a review of
strategic alternatives, including a sale or go-private
transaction.
Ancora, which owns about a 1% stake in Berry, said it
believes the company could fetch a valuation of $100 per share
or more through a sale.
Shares of Berry rose 1.4% to $67.40 in premarket trade. They
have risen about 18% this year.
The investor also asked the board to raise its repurchase
authorization to $1 billion, up from $50 million Berry
authorized last week. urn:newsml:reuters.com:*:nBw7tpByba
Last year, Canyon Capital Advisors LLC also called on the
company to sell some of its non-core assets to help cut its
debt.
(Reporting by Ruhi Soni in Bengaluru;Editing by Shinjini
Ganguli)
((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere;))