Millbrook's MMI Investments LP unit, Unisys' third-largest shareholder, owns nearly 34.8 million shares in the company, or a 9.9% stake. The Blue Bell, Pa.-based information systems and consulting company, which already has undertaken a restructuring, responded saying it was evaluating the letter. The company's share price has fallen from more than $9 last summer to close below $4 Monday.
The letter pointed to "serious flaws" in the company's structure, arguing its U.S. government business was suffering, pulled down by its "secularly declining" and called for a sale or spinoff of the former. "We believe Wall Street's utter rejection of Unisys stock is indicative that the restructuring benefits are not enough to correct Unisys' dramatic undervaluation," the letter said. Millbrook asked for a meaningful response by Jan. 23. -
Carolyn MurphyGo to SEC filing Jan. 8Go to Reuters item on Millbrook campaign
