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Altai Joins Starboard’s Push for Changes at Wausau Paper

RealD Inc., a provider of 3-D technology to cinemas, has been targeted by activist investor Altai Capital Management LP, according to a person familiar with the holding.

Altai built a stake of about 9.8 percent in Los Angeles-based RealD, said the person, who asked not to be identified because the holding isn’t public. The New York-based hedge fund met with company management and may continue to discuss a potential sale, financing and other proposals aimed at boosting shareholder value, the person said.

Real D has been struggling with falling sales and losses as new installations of three-dimensional projection equipment slows in U.S. theaters. The company said in November it planned to eliminate 20 percent of its workforce. Chief Executive Officer Michael Lewis has focused on expanding in China and Russia to revive growth.

Rick Heineman, a spokesman for RealD, had no immediate comment.

Altai last month joined Starboard Value LP’s push for changes at Wasau Paper Corp., which was targeted for “continued underperformance.”

RealD advanced 5.2 percent to $9.93 at 9:56 a.m. in New York, after gaining 9.3 percent yesterday. Before today, the shares had fallen 73 percent from a high of $35 in May 2011. On Feb. 5, the company reported a second-quarter loss of $271,000, or 1 cent a share, narrower than analysts had projected, as the Warner Bros. hit movie “Gravity” helped boost revenue.

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