MAGNERS Cider maker
"C&C has been a perennial underperformer and today is deeply misunderstood and undervalued by the market because of a combination of structural and self-inflicted problems," the hedge fund said in a letter to C&C's board that was published yesterday.
The investment firm said "succession missteps, strategic mistakes, execution blunders, and an inability to return to its higher historical earnings profile" were to blame for its low valuation.
Engine estimated that if C&C were to go private, it would sell for at least a 58 per cent premium to its current share price.
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