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Corvex Management is calling for the sale of Whitbread, owner of the UK’s largest hotel chain, Premier Inn.
The U.S.-based hedge fund, which has an approximately 7% stake in Whitbread, sent a letter Monday to the board demanding it immediately retain an independent investment bank and publicly commit to a formal sale process.
Corvex argued Whitbread’s share price doesn’t reflect the true value of its assets, and that years of underperformance have left shareholders out of pocket.
“The only credible path to unlocking that value is a sale of the Company,” wrote Corvex Managing Partner Keith Meister.
If the board refuses, Corvex said it is “fully prepared to nominat
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