CVS under pressure to turn around performance from activist investor

Activist Converium targets UK vet group CVS

CVS Group Plc is facing renewed pressure from activist investor Converium Capital, which is urging the UK veterinary care operator to launch a £100m share buyback following a period of weak stock performance, according to a report by the Financial Times. Converium Capital, which has built a roughly 2% stake in CVS, is arguing that the company’s valuation has failed to recover even after UK competition authorities concluded a sector-wide investig…

CVS under pressure to turn around performance from activist investor

One of the UK’s largest veterinary groups is facing increased pressure from an activist hedge fund to improve its performance after competition regulators concluded a probe into high prices in the sector. Canada-based Converium Capital, which holds a two per cent stake in the FTSE 250 group, threatened to rally shareholders to nominate directors to the board if CVS did not comply with its demands set out in a letter, according to people familiar…