Marcato Capital Management reported that it now holds a 6 percent stake in Deckers Brands and intends to engage in discussions with directors and officers of Deckers Brands about “strategic alternatives,” including a potential sale of the company or “businesses or assets.”
In the statement in the regulatory filing regarding “Purpose of Transaction,” the filing states: “The Reporting Persons acquired the Shares over which they exercise beneficial ownership in the belief that the Shares are undervalued and are an attractive investment. The Reporting Persons intend to engage in discussions with directors and officers of the Issuer, other stockholders or third parties in connection with the Reporting Persons’ investment in the Issuer. Such discussions may include one or more members of the Issuer’s management, the board, other stockholders of the Issuer, potential acquirers of the Issuer and other persons to discuss the Issuer’s business, strategies and other matters related to the Issuer. These discussions may review options for enhancing stockholder value through various operational initiatives or broader strategic alternatives including, but not limited to, potential acquisitions or sales of or involving the Issuer or certain of the Issuer’s businesses or assets.”
On February 6, Marcato Capital nominated four directors to Buffalo Wild Wings’ nine-member board after securing a 5.2 percent stake in the fast-food chain. The San Francisco-based firm has also pushed for changes at Goodyear, crane manufacturer Terex, Lear Corp. and Sotheby’s.
Marcato, which manages some $1.5 billion in funds, is run by Mick McGuire, a former protégé of the activist investor Bill Ackman.
Photo courtesy Ugg