Cooper Cos. (COO) soared 12% in after hours trading after initiating a strategic review of its businesses and naming a new board chair.
Cooper (COO) is undergoing a formal and comprehensive strategic review of ts businesses, corporate structure, strategy, operations, and capital allocation priorities, according to a statement on Thursday. The company will look at options including partnerships, joint ventures, divestitures, mergers, business combinations, and other transactions.
The company named Colleen Jay as chairman to succeed Robert Weiss, effective Jan. 2.
The business review comes after it was reported in October that activist investor Jana Partners took a stake and planned to push the company to review its strategic alternatives. Jana wants Cooper to combine its contact-lens unit with rival Bausch + Lomb (BLCO), the WSJ reported.
During its strategic review, the company will focus on repurchasing shares under its recently announced $2 billion share repurchase program.
Cooper Cos. (COO) also reported Q4 results on Thursday.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.