Big Yellow gains after activist Ancora urges strategic review, including potential sale
BX•Big Yellow shares rose 3.9% to 830.5 pence after Ancora, which owns more than 4% of the company, urged a strategic review that could include a sale. Ancora values the stock at £12.36 per share and said Blackstone had offered 50% above the current share price.
1. Activist seeks review
Ancora urged Big Yellow Group to pursue a strategic review, including a potential sale. The activist investor, which owns more than 4% of the company, said the shares trade at an “unwarranted” discount to net asset value and valued them at £12.36 ($16.40) each.
2. Shares rise
Big Yellow shares rose 3.9% to 830.5 pence, their largest one-day gain since June 24. Ancora said Blackstone had offered 50% above the current share price and that soliciting interest now could yield a higher offer. Big Yellow was down 23.6% year to date as of the previous close.
