Shares of Manitowoc Co., a Wisconsin maker of cranes and food-service equipment, jumped about 11 percent in pre-market trading on Monday after Carl Icahn reported a 7.8 percent stake and became the second activist investor to call for the company's two distinct business units to be split into separate companies.
Icahn, between Dec. 17 and 26, amassed a stake of 10.5 million shares, including options, according to a regulatory filing Monday morning.
Manitowoc's shares rose 11 percent to $23.25 before the bell on Monday.
In June, Ralph Whitworth's Relational Investors urged the company to spin off the foodservice equipment business in June, when it reported an 8.5 percent stake.
That announcement sent Manitowoc shares up 9.4 percent over two days, to $30 — but four months later they had fallen to $17.34 when no action was taken.
The company's shares are down 10.3 percent this year.
Manitowoc's shares are down 10.3 % this year.Photo: AP
Manitowoc's crane business has been hurt by weak demand for its rough-terrain and boom trucks, and the company said in October that it expected revenue in the business to decline by a mid-to-high single-digit percentage in 2014.
The crane business contributed nearly 62 percent of Manitowoc's total revenue of about $4 billion in 2013.
Revenue in the foodservice business, which makes ice machines, refrigerators, deep fryers and other cooking equipment, increased about 3 percent in the third quarter ended Oct. 27, while revenue in the crane business fell 6 percent.
Icahn, who said he would seek board representation, "if appropriate," noted in the Securities and Exchange Commission filing that he had not yet had any discussions with the company, which has a market value of about $2.8 billion.
Manitowoc was not immediately available for comment.
With Reuters
Anda sedang membaca artikel tentang
Icahn acquires stake in Manitowoc, will push for split
Dengan url
http://solusiagarsehat.blogspot.com/2014/12/icahn-acquires-stake-in-manitowoc-will.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Icahn acquires stake in Manitowoc, will push for split
namun jangan lupa untuk meletakkan link
Icahn acquires stake in Manitowoc, will push for split
sebagai sumbernya
0 komentar:
Posting Komentar