After buying up 5.4% of Rolls-Royce last week, Jeff Ubben's ValueAct is taking on another U.K. based company. This time it's Smiths Group, which is an engineered products company. Ubben is said to own right at 5% of the company. Ubben joings Harris Associates as a fellow activist in the name.
The key thesis is to get the seals and medical devices divisions sold off. The company's conglomerate strucute has been holding its valuation down.