Irish drinks maker faces call from activist hedge fund to put itself up for sale
In the weeks since it spooked markets with the loss of its chief executive after barely a year amid the restatement of three years’ earnings, there has been steady speculation the Dublin listed drinks company could be taken out by a competitor or possibly private equity. That talk came amid a struggling share price but solid brands and a business that an operating level, at least, appears to be performing in line with expectations.
In an open letter to the C&C board, Engine’s managing partner Arnaud Ajdler accuses the company of “a host of self-inflicted issues over the last few years, including succession missteps, strategic mistakes, execution blunders, and an inability to return to its higher historical earnings profile”.Getting stuck in a housing chain when you’re selling can raise tax issues
But should, as Ajdler demands, the company explore “strategic alternatives” in a sale process that, he says, could result in a 58 per cent premium over where the share price has been trading at? That might be a more difficult question to answer.
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