Activist investor Primestone urges Tennant to merge with Nilfisk

2020-02-19 16:46:19    阅读:813625

COPENHAGEN/LONDON (Reuters)

- Activist hedge fund Primestone Capital on Wednesday urged U.S. cleaning

equipment company Tennant and Danish peer Nilfisk to consider merging after building up minority stakes in both firms. “Primestone Capital owns more tha

n 5 percent of both Te

nnant and Nilfisk and believes a comb

ination of the two will generate extraordinary returns for shareholders, the London-based activist firm said in a filing with the U.S. Sec

urities and Exchange Commission. It disclosed it had taken a 5.2 percent stake in Tenant. Tennant confirmed Primestone&r

squo;s s

take in the company and said it

s board would carefully evaluate the activist firm’s views. Nilfisk, 全年无错9肖 which was spun off from Danish cable maker NKT in October, was not immediately available to comment. Nilfisk’s shares closed up 7 percent in Copenhagen, while Tenna

nt shares were up 1.3 pe

rcent in afternoon trading. Primestone said it believed a merge

r would create earnings

per share (EPS) accretion in excess of 85 percent for both companies. It is following a trend, as 91 European companies have been subject to activist campaigns this year as of the end of November, according to industry tracker Activist Insight. Primestone Capital, which does not disclose its assets under management, was set up in December 2014 by former Carlyle Group senior partners Franck Falzan, Benot Colas and Jean-Pierre Mill

et. Primestone owns a 5.6 pe

rcent stake in Nilfisk.

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