Investor asks Layne Christensen to reorganize
Aug 25 (Reuters) - Layne Christensen Co's largest shareholder said it had asked the water management company to reorganize and consider selling a division to repay debt.
Investment manager Van Den Berg Management I Inc, which said it presented its proposals to the company on Aug. 13, said it held a 16.2 percent stake in the Woodlands, Texas-based company.
Van Den Berg Management, which is headquartered in Austin, Texas, also said it had suggested a share buyback program to increase shareholder value.
Layne Christensen shares closed at $11.29 on the Nasdaq on Friday.
(Reporting By Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila)
- U.S. and Arab allies launch first strikes on fighters in Syria |
- Argentina's Fernandez to meet billionaire investor Soros in New York
- Israel downs Syrian warplane it says violated its Golan airspace
- Qatar adamant it will host 2022 World Cup despite doubts
- U.S. attack on IS targets in Syria "will be answered" - fighter