Atkore Inc. (ATKR), a manufacturer of electrical products for construction and renovation markets, on Thursday said its board of directors has broadened the scope of its previously announced review of strategic alternatives to include assets beyond the company's core electrical infrastructure portfolio. The expanded review will evaluate a wider range of options to maximize shareholder value, including a possible sale or merger of the entire company. The company's shares fell more than 13% in pre-market trading following the announcement.
President and CEO Bill Waltz said the Board has engaged Citi and J.P. Morgan Securities LLC to support the expanded process. He added that he will remain in his role as CEO at least through the conclusion of the review.
Additionally, the company said it will appoint Franklin Edmonds to its Board as part of a cooperation agreement with Irenic Capital Management, that holds a 2.5% stake in Atkore. The Board will also form a Strategic Review Committee to oversee and advise on the ongoing review. Bruce Taten will be appointed to serve as a special advisor to the Strategic Review Committee.
Irenic has agreed to customary standstill and voting commitments as part of the cooperation agreement
"We appreciate the Board's collaborative approach, and we believe the Company is taking the right steps to achieve our shared goal of value creation," said Adam Katz, Co-founder and Chief Investment Officer of Irenic.
Atkore shares closed at $66.53, up 2.2% on Wednesday.
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