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Select Equity Group Urges Signet Jewelers (SIG) to explore Strategic Review and Potential Sale

Key Summary: On February 27, 2025, Select Equity Group (9.7%) expressed that the shares are undervalued and recommended exploring strategic options, including a potential sale. Corvex Management, holding a 7.8% stake in 2014, engaged in constructive discussions, reducing its stake to 4.97% by 2016. Abrams Bison Partners, with a 6% stake in 2016, considered strategic alternatives to maximize shareholder value, later reducing its stake to 3.1% by 2017.

M. Cap: $2.2 billion | Signet Jewelers Limited is a retailer of jewelry, watches and associated services in the United States, Canada and the United Kingdom.                                                                                           

Select Equity Group

On February 27, 2025, Select Equity Group (9.7%) expressed the belief that the shares are undervalued and recommended exploring strategic options, including a potential sale. They sent a letter to the Board on the same day, outlining these concerns. Select Equity Group plans to engage with the Board, management, and other stakeholders to discuss various matters, including sale transactions and alternative strategies aimed at maximizing stockholder value.

Corvex Management

  • In January 2014, Corvex Management disclosed a 7.8% stake in a company and expressed intentions to discuss business and strategies with management and the Board.
  • By March 26, 2015, Corvex Management had reduced its stake to 7.2%. They commended the company's newly announced capital allocation policy and expressed interest in continued constructive engagement.
  • On May 27, 2016, Corvex Management held an 8.3% stake. They supported the company's strategic evaluation of its credit portfolio, announced during its quarterly earnings call on May 26, 2016, and advised for its quick completion.
  • Corvex Management reduced its stake to 4.97% by December 6, 2016.

Abrams Bison Partners

  • On September 23, 2016, Abrams Bison Partners disclosed a 6% stake. They stated that they may contact management, the Board, other shareholders, and others regarding alternatives to maximize shareholder value. These alternatives included the strategic evaluation of the credit portfolio and capital structure.
  • By June 1, 2017, Abrams Bison Partners had reduced its stake to 3.1%

Member discussion

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