Reuters – A group of activist hedge funds on Thursday threatened North Pittsburgh Systems Inc. with a proxy contest if certain measures to boost the value of shares in the telecommunications companyare not taken.
Bulldog Investors, Santa Monica Partners and Monarch Activist Partners, which collectively hold nearly 8 percent of the shares in North Pittsburgh, in a letter disparaged the company for the outright rejection of their earlier proposal to hire investment bankers to pursue a sale.
One member — James Chadwick, managing partner of Monarch — said the group is considering making an offer to buy the company at a premium to its current share price. According to the group’s analysis, the company is worth about $34 a share, although Chadwick declined to say what the group might offer.
