Hedge fund investor Prentice Capital Management on Thursday reported stepping up its activist efforts at Ascendia Brands Inc. by meeting with the health and beauty care product company’s management and board to talk about “enhancing share value.”
According to a Securities and Exchange Commission filing on Thursday, Prentice reported that it had met with company officials to discuss possible proposals for providing significant debt, equity financial or other transaction as a means to improve the Hamilton, N.J.-based company’s share value.
Prentice has been agitating for change at Ascendia since June 2006, when it acquired a 23.9% stake in the company. According to a July 2006 filing, the activist fund reported that it may seek to influence the company’s business and strategic plans and capital structure. The fund said at the time it was considering discussions with “management, directors, other shareholders and lenders, existing or potential strategic partners or competitors of the company, industry analysts, investment and financing professionals and/or other third parties.”
Ascendia Brands has an $18.88 million stock market capitalization. — Ron Orol
See Oct. 25 Schedule 13D SEC filing
Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World.
Continue reading below
