Review Near the Finish Line, 50%+ Upside in a Sale Scenario
The company has run a strategic review for some time, clearly looking to sell, and an announcement may be around the corner. Five activists control a majority of the outstanding shares, and management has been granted change-of-control retention bonuses to align incentives toward a deal. Earnings inflection has accelerated lately. With operational momentum building and the retention bonus deadline approaching, the window to reach a deal is narrowing. The stock trades at a discount to even the cheapest comparable transactions of recent years, and a sale at a narrower discount could still generate substantial upside of 50%+.
This post is for paid subscribers, to continue reading please log in or sign up.