Legion wants Clear Channel Outdoor to sell off assets faster
NEW YORK, Oct 16 (Reuters) - Legion Partners Asset Management's Chris Kiper wants out of home media company Clear Channel Outdoor Holdings to sell its northern European assets and Latin American assets after having committed to selling some southern European assets.
Legion is pushing the company to take action more quickly or risk facing a proxy contest where Legion might try to win board seats. The company's stock has tumbled 31% in the last twelve months and closed trading on Monday at $1.10.
He said there is a 200% upside for the stock.
"We'd like to see them sell more assets in Europe more quickly," and in Latin America he said, adding a pure play business in the U.S. is more interesting.
If the stock price does not recover, he said there may be a need for a strategic review of the U.S. assets. (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)
