KORR Acquisitions Group sent a letter to GoPro’s Board of Directors, saying the stock could be worth $9.49-to-$14.97 per share to a buyer. The firm urged the company to explore strategic alternatives.
The firm recommends the Board convert all class B stock to A, thus getting rid of the super-voting rights of Nick Woodman, chairman, chief executive officer and founder of GoPro, announce a repurchase plan and hire a banker to explore strategic options, among other things. KORR said management, including Woodman, should also consider a management buyout.
KORR said they are open to working with the company to unlock shareholder value.
The full text of KORR’s letter can be read here.