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Posted on: March 9th, 2008
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Tags:
activist,
spanish broadcasting system
Spanish Broadcasting System, Inc. (NDAQ: SBSA) directors are starting to feel the heat after a large shareholder criticized the company’s stock performance and governance while promising to take action if things do not improve, according to a Schedule 13D filing with the SEC. Discovery Group, which owns a 9.8 percent stake, sent a letter to the board expressing grave concerns regarding the severe and steady erosion of shareholder value that has occurred since the company went public eight years ago. Management has also been unresponsive to these concerns and countless opportunities to reverse these trends. However, the activist hedge fund believes there is still hope as shares trade substantially lower than their intrinsic value. So, is this a good time to get in SBSA on the coattails of an activist hedge fund?”*
*From: http://seekingalpha.com
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