ValueAct Discloses 7% Active Stake in The New York Times Co. (NYT)
- Wall St rallies as data, RBA move lifts hope of Fed easing
- Twitter (TWTR) Jumps On Reports Musk Will Go-Ahead with Deal at Original Price
- $22 Billion in 'Unrelenting' New Short Positions Were Added Last Week - Citi
- Why is Credit Suisse in Trouble? All You Need to Know
- No Full Capitulation on Wall Street Yet - Bank of America
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - August 11, 2022 1:01 PM EDT)
Hege fund ValueAct disclosed a 7% stake in The New York Times Co. (NYSE: NYT) in a SEC filing. The stake in "active."
From the filing:
The Reporting Persons acquired the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity.
The Reporting Persons have had and anticipate having further discussions with officers and directors of the Issuer in connection with the Reporting Persons' investment in the Issuer. The topics of these conversations have covered or will cover a range of issues, including those relating to the business of the Issuer, management, board composition (which include whether it makes sense for a ValueAct Capital employee to be on the Issuer's board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance. The Reporting Persons may also have similar conversations with other stockholders or other interested parties, such as industry analysts, existing or potential strategic partners or competitors, investment professionals, and other investors. The Reporting Persons may at any time reconsider and change their intentions relating to the foregoing. The Reporting Persons may also take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D and may discuss such actions with the Issuer's management and the board of directors, other stockholders of the Issuer, and other interested parties, such as those set out above.
The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial position and strategic direction, the outcome of the discussions and actions referenced above, actions taken by the Issuer's board of directors, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take actions with respect to its investment position in the Issuer as it deems appropriate, including, without limitation, purchasing additional Common Stock or other instruments that are based upon or relate to the value of the Common Stock or the Issuer in the open market or otherwise, selling some of or all of its securities of interests held by the Reporting Persons, and/or engaging in hedging or similar transactions with respect to the Common Stock.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Crescent Capital BDC (CCAP) To Acquire First Eagle Alternative Capital BDC (FCRD)
- Velodyne Lidar, Inc. (VLDR) Acquires Bluecity
- Yext, Inc. (YEXT) Appoints Evan Skorpen to its Board
Create E-mail Alert Related Categories13Ds, Hedge Funds, Hot Hedge Fund News, Hot M&A, Mergers and Acquisitions, Rumors, Trader Talk
Related EntitiesValueAct Capital, LLC, Jeffrey W. Ubben, 13D
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!