PFGC - Activist Engaged Capital reportedly exited Core-Mark position after Performance Food deal

Activist hedge fund Engaged Capital is said to have exited its position in Core-Mark (CORE) after the company agreed to sell itself to Performance Foods (PFGC) last week.Engaged Capital, run by Glenn Welling, invested in Core-Mark about six months ago and made a 50% return on its investment, according to a CTFN report, which cited a person familiar. The report also indicated that Core-Mark and Performance Foods had been talking for a long time.The news comes as Core-Mark had been trading at a premium last week to the Performance Food's deal as some appeared to be possibly disappointed with the 11% premium received in the takeover and wanted PFGC to make a different acquisition. Engaged Capital, which disclosed holding Core-Mark in its latest 13F filing, appeared to to be the only activist among a group of about 20 top holders as of the end of March.Core-Mark trading at a premium to

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Activist Engaged Capital reportedly exited Core-Mark position after Performance Food deal