LionEye Capital Management LLC Raises Stake in Asbury Automotive (ABG) to 6.2%, Files 13D

September 22, 2014 8:09 AM EDT

In a 13D filing on Asbury Automotive (NYSE: ABG), LionEye Capital Management LLC disclosed a 6.2%, or 1,888,500 share, stake in the company. This is up 85.88% from the 1,015,969 shares held at the end of the latest quarter ending June 30, 2014.

Purpose of Transaction:

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were (and continue to be) undervalued and represented an attractive investment opportunity. Consistent with their investment purpose, the Reporting Persons have had or may in the future have discussions with the Issuer’s management, members of the board of directors (the “Board”) and other shareholders and have offered and may offer suggestions and advice to the Issuer regarding measures and changes that would maximize value per share. Such discussions and advice may concern the Issuer’s capital structure and allocation, strategic transactions, governance and other matters that the Reporting Persons deem relevant to their investment in the Issuer. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

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