Nabors Industries Ltd. (NBR) Higher after Activist Investor Files 13D
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Nabors Industries Ltd. (NYSE: NBR) is moving higher after Pamplona Capital disclosed a 8.82%, or 25,602,322 share, stake in the company in a 13D, saying they are increasingly concerned about the underperformance of the stock.
From the filing:
"The Reporting Persons initially acquired beneficial ownership of the Common Stock of the Issuer for investment purposes because they believed the Issuer's Common Stock represented an attractive investment opportunity. The Reporting Persons have become increasingly concerned about the underperformance of the Common Stock relative to its peer group and the market, the Issuer's problems experienced with achieving various aspects of its strategic plan and its declining market share. The Reporting Persons have substantial experience in the Issuer’s lines of business and have had constructive discussions with the Issuer's management. The Reporting Persons believe they have valuable insights to contribute to the development of the business and intend to have further discussions with management, the Board of Directors of the Issuer, other shareholders of the Issuer and other relevant parties relating to the Issuer's business, operations, strategy, future plans, corporate governance and related matters."
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From the filing:
"The Reporting Persons initially acquired beneficial ownership of the Common Stock of the Issuer for investment purposes because they believed the Issuer's Common Stock represented an attractive investment opportunity. The Reporting Persons have become increasingly concerned about the underperformance of the Common Stock relative to its peer group and the market, the Issuer's problems experienced with achieving various aspects of its strategic plan and its declining market share. The Reporting Persons have substantial experience in the Issuer’s lines of business and have had constructive discussions with the Issuer's management. The Reporting Persons believe they have valuable insights to contribute to the development of the business and intend to have further discussions with management, the Board of Directors of the Issuer, other shareholders of the Issuer and other relevant parties relating to the Issuer's business, operations, strategy, future plans, corporate governance and related matters."
For more notable holders of Nabors Industries Ltd. stock click here.
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