BEL - Belmond: Hoping For A Buyout
Shares of Belmond (BEL) are trading ~50% higher since the company announced a review of strategic alternatives, including a possible sale of the company, at the beginning of August. BEL has failed to create shareholder value for the better part of the last decade, so the board’s claim that it is “committed to a path that is in the best interests of shareholders” was understandably well received. But we’ve heard similar messages from management in the past, and there are still no signs that BEL intends to return more cash to shareholders. BEL