- Barnes Group ( NYSE: B ) rose 2.9% after a report that activist investor Irenic Capital has taken a stake and wants the company to make board changes and explore a strategic review.
- Irenic has told management that that Barnes ( B ) could receives as much as $60/share in a sale, according to traders, who cited a Bloomberg report. The size of Irenic's stake wasn't known.
- Irenic is said to argue that that Barnes' ( B ) aerospace segment alone is worth more than the company's current market value of $1.5 billion, according to Bloomberg. Barnes shares had dropped 38% year-to-date before Friday.
- Irenic is taking its first activist position after it was founded by alumni of other activist funds including Elliott Investment and Indaba Capital Management, Bloomberg said.
- In June Barnes appointed Thomas Hook as its new president and CEO.
For further details see:
Barnes Group gains after report of activist stake, push for potential sale