Clinton Group And Imation Corp. (IMN) Quick Overview by Activist Stocks
Imation Corp. has been facing activist pressure for a couple months now and things should heat up next month. The fund owns 3.4% of the company. It wants to get three directors put on the board. And the annual meeting is scheduled for May 20.
Imation is an interesting player in the data storage space (namely in the data security business), and one with a sub $200M market cap. It’s well off the $40 a share stock price from less than a decade ago. However, the company is still urging investors to give management a “shot,” calling for “this process to continue unimpeded” and “it’s critical not to allow the considerable progress your company has achieved over the past three years to be destroyed by nearsighted individuals with self-serving interests.”
Clinton takes issue with the advisors that Imation is employing, such as Houlihan Lokey and Dorsey & Whitney, to help the company figure out its proper direction. Clinton has a little more clout than Spear Point Capital (which targeted Imation in the past), so they could well be better positioned to get something done. Just a name worth watching at this point.