Tesco Corporation White Eagle Partners (2% holder) Issues Open Letter to Chairman of Tesco: suggests returning excess cash to shareholders and then seeking sale of the Company
- White Eagle Partners, LLC, a shareholder of Tesco Corporation, released an open letter it sent to Norman Robertson, Chairman of the Company, asking the Company's board of directors and management to take specific steps to unlock shareholder value. In the letter, White Eagle expressed its belief that the Company can create value by (i) returning up to $380 million in excess cash to the shareholders, (ii) engaging in a formal, reasonable and public process to sell the Company, and (iii) increasing the management teams' share options to encourage greater alignment of interests.
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