UPDATE -- Pzena Investment Management Opposes Staples’s Acquisition of Essendant
September 13 2018 - 4:16PM
As Essendant’s (NASDAQ: ESND) largest shareholder, Pzena Investment
Management believes that the proposal from Staples to acquire
Essendant at $12.80 a share does not constitute a superior offer to
the proposed merger with SP Richards, a subsidiary of Genuine Parts
Company (NYSE: GPC), nor does the offer of $12.80 adequately value
the company independent of the SP Richards transaction. For that
reason, Pzena Investment Management does not intend to support the
Staples proposal as it currently stands if and when it is presented
to shareholders.
About PzenaPzena Investment
Management, LLC is a value-oriented investment management
firm. Founded in 1995, Pzena Investment Management has built
a diverse, global client base. More firm and stock
information is posted at www.pzena.com.
Contact: Gary Bachman, 212-355-1600 or
bachman@pzena.com.
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