Dec. 18 at 2:56 PM
Integer Holdings said activist investor Irenic Capital Management has built a stake of more than 3% in the medical device outsourcing company and is urging it to refresh its board and consider a potential sale, according to The Wall Street Journal.
Irenic, now one of Integer’s largest shareholders, privately delivered a letter to the company’s board earlier this week outlining its demands, the Journal reported, citing people familiar with the matter. The activist argues that Integer’s shares trade at a discount partly because the company lacks publicly listed pure-play peers, leaving the business misunderstood and undercovered by Wall Street analysts.
Irenic also contends that Integer could be more attractive as a private company, as confidentiality requirements limit its ability to publicly disclose client- or product-level information, making it difficult for investors to fully assess the company’s pipeline.
$ITGR