Brunswick Should Spin Off Fitness Business, Hedge Fund Says
Owl Creek Asset Management, which owns about 2.8% of BC shares, sent the company’s board a letter making the case that its marine engine and boat manufacturing businesses would be worth more without the fitness equipment business. Brunswick’s market valuation is less than its comparable peers in the marine segment in terms of P/E, the letter says, implying that the market is giving a negative value to the fitness business. It also notes that there are no synergies of any kind between the segments. Owl Creek did not nominate any board members or start a proxy contest at this point, ... Log in to view full article.