Investor Group Acquires Stake in Outboard Marine
May 05, 2011
A group including activist investment firm Greenway Partners LP said it holds an 8.5% stake in Outboard Marine Corp. and may hold discussions with management or other shareholders about the company. Greenway Partners, based in New York, said the boating company's stock, which has been slumping, is ``undervalued.'' In composite New York Stock Exchange trading, Outboard closed at $16.25, up 75 cents on the day but near its yearlong low of $14.38. In the past year, Outboard has traded as high as $22.63. Greenway wouldn't comment beyond a filing with the Securities and Exchange Commission, which said it recently acquired about 1.7 million Outboard Marine common shares for $14.54 to $18.75 a share. In the filing, Greenway said it will ``closely monitor developments'' at Outboard Marine. In Waukegan, Ill., Outboard officials didn't return phone calls.
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