Deals
Here's What Hedge Funds Pitched at 13D Monitor Conference
Buyers for car dealers view vehicles before an automobile auction at the Adesa facility, a unit of KAR Auction Services, in Houston.
Photographer: F. Carter Smith/BloombergThis article is for subscribers only.
Kar Auction Services, Instructure and Rent-A-Center were among the stocks that were pitched at the 13D Monitor Conference in New York on Tuesday. Here’s a rundown:
CEO Jeffrey Smith announced a new position in Kar Auction Services, calling the company a “tremendous opportunity” that had an “incredibly compelling” valuation. Smith said Kar Auction is moving ahead with a spin-off of its salvage business, which he expects will serve a near-term catalyst for the stock, and that he saw value both in the spinoff and the former parent. He called Kar a “great business with secular tailwinds.”