U.S. hedge fund Engine Capital urges Univar to consider sale, other options (updated)

Univar Solutions

30/11/2022 14:38

(Adds details from open letter)
       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
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.
 (Reporting by Ruhi Soni in Bengaluru; Editing by Devika
Syamnath)
 ((Ruhi.Soni@thomsonreuters.com
 Twitter: https://twitter.com/ruhithere;))