1. Activist investor ValueAct Urges Madame Tussauds-Owner Merlin to go Private

    Activist investor ValueAct Urges Madame Tussauds-Owner Merlin to go Private

    (Reuters) - Activist shareholder ValueAct on Thursday urged Merlin Entertainments to go private and said the owner of Madame Tussauds, the London Eye and Alton Towers could be valued at about 4 pounds a share, 20% more than its current price. That would value the Legoland owner at more than 4 billion pounds. It had a market capitalisation of 3.42 billion pounds as of Wednesday's close, according to Refinitiv Eikon data...

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    1. We believe the runway for building hotels, second gates, and Legoland parks is robust, and the company is uniquely positioned as a global partner for intellectual property owners.
    2. While Merlin obviously thrived as a private company, it may have come public too quickly.
    3. Merlin isn't a bad business, but we do think it's overvalued.
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