Health, Hygiene & Specialties: Manufactures material for medical garments, surgical drapes, cleaning wipes, face masks, diapers, dryer sheets and filtration products. 24% of revenue, 27% of operating income.Įngineered Materials: Manufactures stretch films, sealant films, trash can liners, tapes and agricultural films. 36% of revenue, 25% of operating income.Ĭonsumer Packaging North America: Manufactures containers, beverage cups, lids, bottles, vials and tubes. It operates in the following segments:Ĭonsumer Packaging International: Manufactures dispensing systems, inhalers, bottles, vials, films, containers, lids and molds. The company is headquartered in Evansville, Indiana and has operations all over the world. I believe its shares have 30% upside to fair value. The company is growing earnings and rapidly deleveraging using its strong cash flow. As a maker of materials that go into medical garments, cleaning wipes and face masks, it has benefited to some degree, offsetting lower food service demand.
Ancora berry free#
Robinson Worldwide, Mueller Water Products and Berry Global and pushed IAA to sell itself.With most technology stocks trading at more than 30x earnings and even moribund retailers skyrocketing, are there any cheap stocks left in the market? Surprisingly, I found one that trades at a single digit multiple of earnings and free cash flow.īerry Global ( NYSE: BERY) is a diversified plastics and packaging maker that has been unaffected by the pandemic. Janus Henderson Investors has come out against the deal while Eagle Asset Management and Independent Franchise Partners have lined up alongside Ancora to support it.Īncora’s hedge fund unit, led by James Chadwick, has become a top activist investor in recent years.
In recent weeks, shareholders on both sides of the deal have expressed their views. Representative for Luxor and Fir Tree could not be immediately reached for comment. This week, Luxor disclosed in a regulatory filing an agreement with hedge fund Fir Tree Capital Management LP that entitles it to a “trade incentive fee” pertaining to investments in the auto companies.įir Tree has become a prominent short seller and last year made a public bet against crypto coin Tether. Ancora noted that Luxor’s Ritchie Bros stake doubled over the past three months while “short interest in IAA was increasing in parallel.” Luxor has said the deal it would distract Richie Bros from its core business of selling heavy equipment and hurt shareholders.Īncora called Luxor’s analysis “misinformed” and said its interests were “seemingly misaligned”. In the presentation seen by Reuters, Ancora supported Ritchie Bros chief Ann Fandozzi and took aim at hedge fund Luxor Capital Group, a vocal opponent of the deal. In the coming days both sides will present their case to proxy advisory firms ISS and Glass Lewis, which will make recommendations on how shareholders should vote. Shareholders of both companies have to approve the deal at special meetings on March 14. Ancora will also have its representative on the combined board. Ritchie Bros recut the deal, valued at nearly $6 billion, to include more cash for IAA shareholders and reduced the dilution for Ritchie Bros shareholders.Īctivist investment firm Starboard Value LP agreed to make a $500 million preferred investment in Ritchie Bros and the firm’s chief, Jeffrey Smith, will join the board. auto retailer IAA, has accumulated a 0.5% stake in Canada’s Ritchie Bros Auctioneers and is publicly challenging investors who oppose their planned merger, according to documents seen by Reuters.Īctivist investor Ancora, which has successfully pushed for change at companies including retailer Kohl’s and toymaker Hasbro, last month threw its weight behind the tie-up after Ritchie Bros amended the terms. NEW YORK (Reuters) – Ancora Group Holdings, a key shareholder in U.S.
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