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Hedge fund asks Monro to pressure shareholder over company sale

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US car service and tyre centre operator Monro Inc has been asked by hedge fund Ides Capital to pressure its controlling shareholder to drop a veto to a sale of the company, according to a report by Reuters.

US car service and tyre centre operator Monro Inc has been asked by hedge fund Ides Capital to pressure its controlling shareholder to drop a veto to a sale of the company, according to a report by Reuters.

The report cites a letter in which in which Ides co-founder and chief investment officer Dianne McKeever said she was “aware” that potential buyers of the company had been rebuffed. The source of the information was not revealed in the letter.

Monro is controlled bye veteran investment banker Peter Solomon who controls the compass via supervising shoes despite owning just 2% of the business.

The report claims that Solomon is demanding an “onerous” premium to allow a deal. Monro’s stock has lost almost a quarter of its value since the start of the year and according to Ides, is trading at a 30% discount to its similar businesses.

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