Becker Drapkin Management Cuts Exposure to Pacer International, Inc. (PACR)

Matthew Drapkin and Steven R. Becker‘s Becker Drapkin Management has significantly reduced its stake in Pacer International, Inc. (NASDAQ:PACR), a newly amended filing with the SEC showed. Becker Drapkin reported holding 2.16 million shares of the company, the stake amassing 6.1% of the common stock. Previously the holding contained around 3.12 million shares, as revealed in the fund’s latest 13F filing.

Pacer International, Inc. (NASDAQ:PACR)

Becker Drapkin Management focuses on small cap stocks in the U.S. markets, mainly from the Services sector, though it also invests in Technology and Consumer Goods sectors. The fund has an equity portfolio worth $161 million. Its major investments besides Pacer International are in Tuesday Morning Corp (NASDAQ:TUES), in which it holds a $43.80 million stake, which contains 2.87 million shares. Another company in which Becker Drapkin Management has invested is Pixelworks Inc (NASDAQ:PXLW) with 2.83 million shares, worth $11.36 million at the end of the third quarter of 2013.

Pacer International Inc. (NASDAQ:PACR) is a global logistics service provider. The company has expertise in intermodal transportation as well as logistics operations. It also provide an range of logistics solutions, including global international freight forwarding and non-vessel-operating common carrier (NVOCC) services, warehousing and distribution, highway brokerage, and supply chain management services. The company is the largest provider of intermodal services between Mexico and the U.S. and for the 12 months ending November 2013, it had revenues of $1 billion.

Pacer International is being taken over by XPO Logistics (NYSE:XPO) according to the press release of the company. The transaction is expected to close in the second quarter of 2014. The shareholders of Pacer will get $6 in cash and $3 of XPO’s common share.

Apart from Becker Drapkin Management, other hedge funds having substantial holdings in the company include Ric Dillon managed Diamond Hill Capital with 1.24 million shares valued at $7.66 million at the end of the third quarter. Chuck Royce’s Royce & Associates also holds 852K shares worth $5.27 million at the end of the third quarter.

Disclosure: none

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