Relational calls on SPX Corp to consider strategic alternatives
BOSTON Feb 25 (Reuters) - Diversified U.S. manufacturer SPX Corp should consider strategic alternatives to boost its stock price, investment firm Relational Investors said in a filing with the U.S. Securities and Exchange Commission on Monday.
"The company should explore strategic alternatives for better achieving the long-term intrinsic value of the assets," the investment firm said in a filing. Relational disclosed an 8.8 percent stake in the maker of equipment used in food and beverage production, which would make it SPX's largest shareholder, according to Reuters data.
SPX shares rose 2.5 percent to $82.19 in midday trading on the New York Stock Exchange.
Over the past 12 months, SPX shares had rise about 6.5 percent, trailing the 11.6 percent rise of the broad Standard & Poor's 500 index.