LONDON (dpa-AFX) - Smiths Group plc (SMIN.L) shares surged nearly 4.7% in early trade on Friday following the release of a letter from Engine Capital LP calling on Smiths Group's Board of Directors to publicly commit to a strategic alternatives process aimed at a sale to maximize value for shareholders. Engine Capital LP is a shareholder of Smiths Group plc, with an economic ownership close to 2% of Smiths Group's outstanding shares.
Earlier on Friday, the Board of Smiths Group plc acknowledged receipt of a letter from Engine Capital LP. The Board said it welcomes feedback from all shareholders. Engine Capital believes Smiths could explore: sale of the company in whole or in pieces; or spin off John Crane in the U.S., and sell the other businesses.
'The clock doesn't reset with the appointment of a new CEO or a new Chairman for long-suffering shareholders who have seen this film play out before,' Engine Capital noted.
Engine Capital is a value-oriented special situations New York-based investment fund that invests both actively and passively in companies undergoing change.
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