Glenhill Advisors, Yongye International: Glenn Krevlin‘s Glenhill Advisors just now disclosed ownership of 1.94 million shares of Yongye International, Inc (NASDAQ:YONG), after reporting some 801,800 shares in its latest 13F. In this way, Glenhill now holds 3.8% of the company, with the value of the stake amounting to $12.17 million at the current price of Yongye’s stock.
Earlier in August, Glenn Krevlin sent a letter to Yongye’s Board saying that he is concerned with the company’s proposition to go private submitted in October 2012, with a price of $6.6 per share. Krevlin considers that the bid has a low valuation and shareholders of Yongye will not benefit from it. Here’s what the filing had to say:
“Accordingly, we urge the members of the Committee to consider their fiduciary obligations in evaluating the October 2012 Bid and to consider a totality of factors including, but not limited to, the significantly improved operations of the Company. We would impress upon the Committee that to properly satisfy their fiduciary obligations in determining whether a going private transaction is in the best interest of the Company’s shareholders, you must rely not only on historic results of operations and transaction values but must add significant weight to current results of operations, the re-evaluation of the Company’s securities for accounting purposes and the future prospects of the Company.”