Atkore Expands Review Process: CEO To Stay On As It Explores Sale Or Merger Options

• The company said that there can be no assurance that the strategic alternatives review will result in the company pursuing a transaction or any specific outcome. 
• Atkore added that no deadline or definitive timetable had been set for the completion of the strategic alternatives review.
• The company also announced it will appoint Franklin Edmonds to its board as part of a cooperation agreement with Irenic Capital Management LP. 

Atkore Inc. (ATKR) said on Thursday that its board has expanded the scope of its previously announced review of strategic alternatives to include assets outside its core electrical infrastructure portfolio and to explore a potential sale or merger of the whole company.

“As the Board conducts its expanded strategic review process, management will continue to take actions to strengthen the business, including focusing on our core electrical infrastructure business and improving our cost structure to drive profitable growth,” said Atkore’s Chairman of the Board.

CEO Bill Waltz noted that, given the board’s decision to expand the strategic alternatives process, he has decided to stay on as CEO through at least the conclusion of the strategic review.

Detail On The Strategic Alternatives

The company said that there can be no assurance that the strategic alternatives review will result in the company pursuing a transaction or any specific outcome. “There is no deadline or definitive timetable set for completion of the strategic alternatives review,” Atkore said.

Atkore also announced it will appoint Franklin Edmonds to its board as part of a cooperation agreement with Irenic Capital Management LP. The company added that the board will form a Strategic Review Committee to oversee, evaluate, and provide advice to the full board.

What Is Retail Thinking?

Retail sentiment on Atkore jumped to ‘bullish’ from ‘neutral’ territory compared to a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

Shares of Atkore have declined by more than 20% this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Why Is Gap Stock Rising In Premarket Today?

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