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Big Yellow Keeping ‘All Options’ Under Review Amid Activist Investor Pressure
Ancora, which holds more than 4% of the company, says Big Yellow is trading at a 40% discount to net asset value.
- On Thursday, UK-listed Big Yellow Group Plc confirmed it is keeping "all options" under review as activist investor Ancora Holdings pushes the self-storage company to explore a sale.
- Ancora Holdings, which owns more than 4% of the company, urged the board earlier this week to launch a strategic review, arguing Big Yellow is "materially undervalued" in the public market.
- Shares of Big Yellow have fallen 28% over the past year, giving the company a market value of about £1.6 billion; Ancora suggests divesting non-core assets like Armadillo to unlock value.
- Big Yellow previously held meetings with a "small number of parties" in October last year, including Blackstone Inc, but ended talks because the proposed value was "not at a level that reflected the full potential of the company."
- James Chadwick, president of Ancora Alternatives, unveiled the campaign on Tuesday at the Sohn San Francisco Investment Conference, positioning the firm as an "attractive asset for both financial sponsors and strategic acquirers.
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Activist investor urges storage firm Big Yellow to consider sale
Shares in storage firm Big Yellow bounced on Wednesday after an activist investor urged the company to put itself up for sale. The FTSE 250 self-storage provider jumped more than five per cent to 844p after Ancora Alternatives, which owns four per cent of the group, told it to consider a take-private deal. The Ohio-based [...]
·London, United Kingdom
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right1Center9Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 23%
C 69%
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