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ValueAct Capital Sells Entire Stake In Merlin Entertainments

(Alliance News) - Legoland and resort theme parks operator Merlin Entertainments PLC on Friday ...

Alliance News 6 September, 2019 | 2:27PM
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(Alliance News) - Legoland and resort theme parks operator Merlin Entertainments PLC on Friday said that investment company ValueAct Capital Management LP has sol its entire 5.4% stake in the company.

The US company divest its holding during a transaction on Wednesday, Merlin said.

In June, Merlin said it agreed a GBP4.77 billion takeover offer from Berkeley Bidco Ltd. Berkeley, is a newly-formed company owned by Kirkbi AS, the investment vehicle of Lego's founding family, Blackstone Core Equity Partners and the Canada Pension Plan Investment Board.

Prior to this, ValueAct urged Merlin to consider a merger or go private, believing the FTSE 250 constituent's share price did not reflect its underlying value.

In an open letter to Merlin's chair, the activist investor said: "Merlin's share price does not reflect the underlying value of the company and may not in the foreseeable future. Simply put: Merlin has struggled as a public company."

Shares in Merlin were 0.1% higher at 451.90 pence each in London on Friday afternoon.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Merlin Entertainments PLC 452.20 GBX 0.11 -

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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