Water Island Capital Activist At Journal Media
Water Island Capital has gone active on Journal Media (NYSE: JMG), calling for more disclosures on its real estate so shareholders can better assess the Gannett Co. buyout offer. This is something Mario Gabelli and his GAMCO has been adamant about. Here is GAMCO's mock up of JMG's real estate.
And here are Water Island's thoughts:
The Advisor, invested in JMG on behalf of its investment advisory clients for investment purposes. Subsequent to the initial investment, the Advisor has become concerned regarding the issuer's management practices; specifically, the Issuer's disclosures on its real estate portfolio. The Advisor believes shareholders cannot make an informed decision on the proposed sale to Gannett Co., Inc. (NYSE: GCI) ("Gannett") without additional disclosures on the Issuer's real estate portfolio. Water Island Capital believes the appraisal value for each of the properties and any prior purchase offers for any property in theIssuer's real estate portfolio is material to the financial valuation of the Issuer. Water Island Capital strongly believes the Issuer should provide shareholders with greater transparency on its real estate portfolio.
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