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

11/30/2022 | 09:38am EST

(Reuters) -U.S. hedge fund Engine Capital on Wednesday urged Univar Solutions Inc to consider a sale or other strategic options, days after Germany's Brenntag SE 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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENNTAG SE 2.89% 72 Delayed Quote.17.21%
UNIVAR SOLUTIONS INC. -0.90% 35.11 Delayed Quote.10.41%
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