Ancora urges Big Yellow to explore sale
Activist investor Ancora Holdings urged Britain listed Big Yellow Group to launch a strategic review and explore a potential sale. Ancora holds a four percent stake and argues the company trades at an unwarranted discount.
Insights:
Activist investor Ancora Holdings urged Big Yellow Group to launch a strategic review on Tuesday morning, including a potential sale of the self-storage company. The push aims to close an unwarranted discount to net asset value for shareholders in the United Kingdom. Big Yellow shares have fallen 23.6% so far this year.
Ancora holds a stake of more than 4% in Big Yellow and estimates the company is worth £12.36 ($16.38) per share. Shares closed at £7.99 on Tuesday, giving the firm a market value of £1.6B.
