City Of London
Former Elliott Exec’s Sparta Pushes Wood Group for Buybacks
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Former Elliott Investment Management executive Franck Tuil’s Sparta Capital Management is calling on consulting and engineering group John Wood Group Plc to pursue buybacks to boost its lagging stock price.
Wood Group is “substantially undervalued” against global peers and has the potential for “well over 100%” upside, London-based Sparta Capital wrote in a letter to John Wood’s board Thursday. The company’s current share price makes it vulnerable to opportunistic takeover bids, Tuil wrote.