Cordoba Asset, which identified itself as a significant shareholder of Overhill Farms, announced that it has delivered a letter to the Board of Directors of Overhill. In the letter, Cordoba said it expressed concern that at its current stock price the market is giving little value to the future earnings power of the business and appears to value Overhill slightly above its liquidation value, which Cordoba believes is largely attributable to poor management execution. Cordoba stated that the best path to maximize value for shareholders is through the sale of the Company as a whole. "Accordingly, Cordoba concluded that the Board should immediately abandon all non-sale transactions and take the necessary steps to commence a formal process to fully explore the sale of the Company to the highest bidder," the investor stated.
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