CONSAC is now active on MusclePharm
CONSAC owns a million shares for a 7.4% stake in MusclePharm. In the past, CONSAC’s Ryan Drexler has taken on the likes of Quiksilver and Bebe. Shares are up 40% over the last month, but still off 26% YTD. CONSAC’s cost basis is around $4.10 a share.
CONSAC’s plans are generic for now, “The Reporting Person does not have any current plans, proposals or negotiations that relate to or would result in any of the matters referred to this Schedule 13D. The Reporting Person intends to review the investment in the Issuer on a continuing basis, and to the extent permitted by law, may seek to engage in discussions with other stockholders and/or with management and the board of the Issuer concerning the business, operations or future plans of the Issuer.”
Now Wynnefield Capital is also active on the name, having taken a 7.7% stake back in April. They are pushing for corporate governance changes. We think the story is quite compelling. More to come on this part of Activist Strategy.