Elliott Takes 5% Bunzl Stake, Urges Buybacks Worth Up to 10%
Updated
Updated · Bloomberg · Jun 15
Elliott Takes 5% Bunzl Stake, Urges Buybacks Worth Up to 10%
3 articles · Updated · Bloomberg · Jun 15
Summary
Elliott Investment Management has built an almost 5% stake in Bunzl and is pressing the UK distributor to repurchase shares equal to as much as 10% of its market value within 12 months.
The activist move follows a profit warning last year that sent Bunzl's shares tumbling, creating an opening for Elliott to push for capital returns and a broader review.
People familiar with the matter said Elliott's demands center on accelerating buybacks at the London-based company, putting pressure on management after the stock's sharp decline.