Politan Capital has an 8.4% stake in pulse oximetry company Masimo. There may be an opportunity to help the company trim costs.
Moreover, on Feb. 15, it was announced that the companyto acquire Sound United LLC, a consumer speaker business, for $1 billion. At eight times EBITDA, reasonable minds can differ whether they overpaid for this acquisition or not by a couple of hundred million dollars, but news of the acquisition sent the stock into a nosedive from $228 per share on Feb. 15 to $144 per share the following day. That is a loss of $4.6 billion in market cap for a $1 billion acquisition.
This is a company in desperate need of shareholder representation on the board. But don't expect to see any public fight letters from Politan — that is not their style. They will work quietly and behind the scenes with the Masimo to try to get one or two seats on the board. With only five directors, Masimo could easily add two Politan directors and still have a very manageable board of seven.
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