LONDON (Reuters) - British distribution and aviation company John Menzies (L:MNZS) must split its businesses and hire an independent chair, German activist Shareholder Value Management said on Monday.
Frankfurt-based 1.7 billion euro (£1.42 billion) Shareholder Value Management has purchased over 7 percent of John Menzies through sub-fund Frankfurter Aktienfonds für Stiftungen.
"The sum of the values of the two businesses, taken separately, far exceeds the current market price,” Shareholder Value Management analyst Gianluca Ferrari (NYSE:RACE) said.
Menzies' largest investor, Kabouter Management, and Swiss investment firm Lakestreet Capital Partners last April issued separate statements saying Menzies' operational set-up caused its stock to be undervalued.
John Menzies did not immediately return a request for comment.