Medifast: Gains on reported take-private interest from activist

Medifast

19/12/2019 19:30

** Nutrition and weight-loss firm's shares  MED.N  rise 9.5%
to $103.92, hitting over a month high
    ** Activist investor Engaged Capital LLC is considering a
bid to take MED private, according to a Bloomberg reporter's
tweet https://twitter.com/scottdeveau/status/1207730008837566465
    ** Engaged Capital disclosed an 8.4% stake in MED last
month, said shares were undervalued  urn:newsml:reuters.com:*:nL2N27Y0LA
    ** On Nov. 8, MED shares plunged 27% after co cut FY EPS
forecast, citing tech spending, supply chain upgrades and
unexpected high levels of credit-card-related bad debt expense
 urn:newsml:reuters.com:*:nL3N27O3ID  urn:newsml:reuters.com:*:nPnc7DqbWa
    ** Including session's gains, shares are still down ~16.7%

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @s_qakhan))