Franklin is upping the ante at Axiall. We remain skeptical, as Franklin has made calls for an Axiall buyout, without fully understanding the story. It’s been active since May and is pushing the company to sell itself.
Earlier this month it upped its Axiall stake to 7.4%. Now, Franklin isn’t a conventional activist, or even an activist at all. This is just their fifth 13D filing in the last decade. More likely, this is a play to try and round up support from other shareholders for a push to get the company sold and in effect saying to potential buyers, “we’re willing to sell.”