Converium Capital Calls for 100 Million Pound CVS Buyback
Converium Capital urged CVS Group to launch a 100 million pound buyback. The fund warned it may seek board seats if the company fails to take decisive action.
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Converium Capital called on CVS GROUP PLC to launch a £100 million ($135 million) share buyback and improve operational performance. This demand follows failed private discussions between the Montreal-based hedge fund and the United Kingdom veterinary services provider. Investors are weighing whether the board will shift capital allocation toward shareholders to reverse an 18.5% share price decline.
