Activist investor Ancora Holdings Group LLC in a letter to Berry Global Group Inc on Monday urged the plastic maker’s board to initiate a review of strategic alternatives, including a sale or go-private transaction.
Ancora, which owns about a 1% stake in Berry, said it believes the company could fetch a valuation of $100 per share or more through a sale.
Shares of Berry rose 1.4% to $67.40 in premarket trade. They have risen about 18% this year.
The investor also asked the board to raise its repurchase authorization to $1 billion, up from $50 million Berry authorized last week.
Last year, Canyon Capital Advisors LLC also called on the company to sell some of its non-core assets to help cut its debt.
