Hedge fund Wynnefield opposes sale of Checkpoint to CCL
U.S. hedge fund Wynnefield Capital said it is opposed to the sale of Checkpoint Systems Inc (NYSE: CKP), a U.S. provider of merchandise availability solutions for the retail industry, to Canada's CCL Industries Inc. Wynnefield, which holds a 2.1 percent interest in Checkpoint, said the latter's board has "accepted a take-under buyout based on a discounted EBITDA multiple and at a price that is 25 percent below where the stock traded just one year ago." CCL, a specialty packaging business, agreed earlier this month to acquire Checkpoint for $556 million. North Star Partners, which holds a 3.9 percent interest in Checkpoint, also opposes the deal.
30 March 2016•3 mins read
