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Artis is the latest target of Canadian activist investor Sandpiper Group, which is pushing to oust the CEO and four board members to implement a strategic turnaround.
The ultimate goal of Sandpiper is to bridge the deep discount to NAV of approx. 50% by unlocking shareholder value through asset sales, cost cutting and efficient capital allocation.
With stock trading at a steep discount to NAV and cheapest among peers, shareholders have nothing to lose by ushering in a new management.
As a turnaround play, new strategy will take some time to show results.