ORI - Old Republic stockholder urges title unit review stock buyback board overhaul

Old Republic International (ORI) rises 3.0% after Owl Creek Asset Management, whose investment funds own more than 2% of ORI shares, urges ORI's board to review options for its title business and start a disciplined share repurchase program.The ORI stockholder also wants the company to review its classified board structure and its current board composition, as well as elect an independent chairman.Owl Creek believes that the company can create more than 50% in incremental shareholder value if its suggestions are implemented.The firm publicly released its letter to ORI's board after "failed attempts to constructively and privately engage with the company."Suggests title business options to be considered should include a potential spinoff, sale, or Reverse Morris Trust transaction.Believes the "market has never ascribed real positive value to the title business, even at peak share prices."Says ORI's "general insurance business alone is worth more than the value attributed to the entire company, implying

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Old Republic stockholder urges title unit review, stock buyback, board overhaul