Sika: SAM acquires 3% for EUR 250m and opposes sale to Saint Gobain
Investment fund Southeastern Asset Management has acquired a 3% stake in listed Swiss chemicals group Sika for EUR 250m, French daily Les Echos reported. The report cited SAM Managing Partner Josh Shores as confirming the news. He added that he was also opposing the EUR 2.5bn acquisition by listed French construction group Saint Gobain of the 16.1% stake in Sika from the SWH family holding that controls 52.4% of the voting rights in Sika. Shores said that the deal was bad for Sika and for Saint Gobain, and would not create fair value for all shareholders in Sika.
He then claimed that SAM would rather act as a “mediator” and would work with all of the concerned parties to explore strategic options in order to create a fair and just value for all of them. According to Shores, there are several mechanisms that can protect the interest of all the shareholders, without having to launch a public offer for all the shares in Sika.
Les Echos