![]() In the days to come, Ortelius expects that Capital Senior Living will attempt to attack our analysis and argue that the Transactions with Conversant are in your best interest. If stockholders vote down the egregious Transactions, we believe the Board will be in a position to receive and solicit alternative financing proposals that are superior to the one put forth by Conversant. This is why Ortelius intends to vote AGAINST each of the Company’s proposals at the upcoming Special Meeting of Stockholders (the "Special Meeting"). This is why we vehemently oppose the Board of Directors’ (the "Board") decision to enter into a series of exceedingly costly and highly-dilutive transactions (the "Transactions") that would also effectively hand over control of the Company to Conversant Capital LLC and its affiliates (collectively "Conversant").Īs it stands, the Board has given away any right to consider alternative and superior proposals – including from stockholders such as Ortelius – until the Transactions are voted down. As the pandemic subsides and industry fundamentals continue to improve, Ortelius firmly believes the Company can become a source of enduring value. We have continued to demonstrate our significant confidence in Capital Senior Living’s assets, operations and long-term potential by recently increasing our stockholdings from 7.2% to 12.7%. (together with its affiliates, "Ortelius" or "we") is one of the largest stockholders of Capital Senior Living Corporation ("Capital Senior Living" or the "Company"). (together with its affiliates, "Ortelius" or "we") today issued the below open letter to stockholders of Capital Senior Living Corporation (NYSE: CSU). The special committee said in a statement on Monday that Baker and other directors on Hudson’s Bay’s board involved in his bid recused themselves from approving the real estate transaction earlier this year.NEW YORK-( BUSINESS WIRE)-Ortelius Advisors, L.P. Representatives for Baker and the investors backing his bid and the special committee of the company did not immediately respond for comment. “It is incredulous that the special committee could reasonably determine that near simultaneous announcements would maximize shareholder value for minority investors.” Baker knew that coupling these transactions would impose an artificial ceiling on the stock price,” said Peter DeSorcy, Ortelius’ managing member. ![]() The move helped make Baker’s offer look better, according to a statement from Ortelius. Ortelius said that the special committee’s decision to make near-simultaneous announcements of a real estate deal and Baker’s take-private earlier this year hurt the company’s share price. Catalyst owns roughly 17.5% of Hudson’s Bay, and Ortelius, which sued Hudson’s Bay last week for oppressing its share price, holds roughly 0.5% of the company’s stock. The take-private must win support from a majority of the minority shareholders. 17.Ī Hudson’s Bay special board committee that negotiated the sale to Baker’s consortium rejected a separate C$2.03 billion offer for the company from Catalyst Capital Group Inc last week on the basis that the consortium made it clear that it would not support a sale to another party. ![]() Ortelius joins a number of investors who say the sale of the company to its Executive Chairman Richard Baker and a group of Hudson’s Bay shareholders with total voting control of 57% over the retailer is not generous enough.Ĭanadian buyout firm Catalyst Capital Group Inc and hedge fund Land & Buildings have said they oppose the deal, which will go up for a vote by minority shareholders on Dec. ![]() NEW YORK (Reuters) – Hudson’s Bay Co ( HBC.TO) investor Ortelius Advisors LP said it will vote against the Saks Fifth Avenue owner’s C$1.9 billion ($1.4 billion) take-private deal because of what the hedge fund views as lapses in the sales process. ![]()
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