Pitney Bowes: Shares down approx 18% in reaction to earnings, lowering of guidance; Co announces review of strategic alternatives and $200 spend reduction over next two years
- The Pitney Bowes Board of Directors, together with management, is conducting a process to explore and evaluate strategic alternatives to further enhance shareholder value. The Board has not set a timetable for the process nor has it made any decisions related to any strategic alternatives at this time. The Company does not intend to provide updates unless or until it determines that further disclosure is appropriate or necessary. The company has retained Lazard as its financial advisor and Cravath, Swaine & Moore LLP as its legal advisor to assist in the process.