Australia markets open in 5 hours 41 minutes
  • ALL ORDS

    7,739.30
    +22.20 (+0.29%)
     
  • AUD/USD

    0.7214
    +0.0004 (+0.05%)
     
  • ASX 200

    7,417.30
    +23.40 (+0.32%)
     
  • OIL

    84.21
    +0.39 (+0.47%)
     
  • GOLD

    1,819.20
    +2.70 (+0.15%)
     
  • BTC-AUD

    58,443.03
    -2,001.54 (-3.31%)
     
  • CMC Crypto 200

    1,011.48
    -14.25 (-1.39%)
     

UPDATE 1-Activist investor Ancora urges Berry Global to consider options including sale

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Adds details on the letter, share movement)

Nov 29 (Reuters) - Activist investor Ancora Holdings Group LLC in a letter to Berry Global Group Inc on Monday urged the plastic maker's board to initiate a review of strategic alternatives, including a sale or go-private transaction.

Ancora, which owns about a 1% stake in Berry, said it believes the company could fetch a valuation of $100 per share or more through a sale.

Shares of Berry rose 1.4% to $67.40 in premarket trade. They have risen about 18% this year.

The investor also asked the board to raise its repurchase authorization to $1 billion, up from $50 million Berry authorized last week.

Last year, Canyon Capital Advisors LLC also called on the company to sell some of its non-core assets to help cut its debt. (Reporting by Ruhi Soni in Bengaluru;Editing by Shinjini Ganguli)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting