Dec 18 (Reuters) - Activist investor Corvex Management LP urged Premier Inn owner Whitbread to review its five-year 3.5-billion-pound ($4.68 billion) capital plan on Thursday, citing a gap between its
Corvex Pushes for Strategic Review at Whitbread
Dec 18 (Reuters) - Activist investor Corvex Management LP urged Premier Inn owner Whitbread to review its five-year 3.5-billion-pound ($4.68 billion) capital plan on Thursday, citing a gap between its share price and market value after recent budget changes.
The U.S.-based hedge fund disclosed a 6% stake in the British company and said it also intends to seek representation on the Whitbread board.
"We believe the company must evaluate all available strategic options with the objective of maximising value for all shareholders," Corvex said in a statement.
Whitbread did not immediately respond to a Reuters request for comment.
Last month, the firm said that Britain's latest budget measures will cost it 40–50 million pounds in the next fiscal year, a move analysts branded a "hammer blow" to its five-year strategy.
Corvex was founded by Keith Meister, the former protégé of Carl Icahn who also headed the billionaire activist's investment firm for a couple of years.
($1 = 0.7483 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Janane Venkatraman)
