Big Yellow Keeps Options Open After Ancora Calls for Sale
The storage firm says it is reviewing ways to maximise shareholder value after activist investor Ancora urged a sale.
Key takeaways
- Big Yellow said it is continually evaluating options to maximise shareholder value.
- Ancora Alternatives has urged Big Yellow to explore a sale.
Big Yellow said it is keeping its options open after activist investor Ancora Alternatives urged the self-storage firm to explore a sale. The company said its board and management remain focused on its strategy while continually evaluating ways to maximise shareholder value.
Ancora said Big Yellow was “full of trapped value” and argued a sale would be the best outcome for shareholders. The investor also said potential buyers would be interested in the company’s London-based property estate.
Big Yellow shares traded at 867p as of 11:12 UTC on Thursday, up 2.97% since the previous close, according to live market data. The stock had risen to 858p earlier on Thursday, according to City A.M.
AJ Bell analysts said shareholders were losing patience with the company, whose market value they said had fallen 42% over five years.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
