Activist investment firm Ananym Capital Management plans to nominate as many as half a dozen directors to Henry Schein (HSIC), Reuters reported, citing three sources familiar with the matter.
According to the sources, Ananym told the dental and medical distributor that it needs to start searching for a new chief executive officer, cut costs, and optimize capital allocation.
In a November 18 Reuters report, Ananym projected more than $2.5 billion in proceeds from a potential divestment of Henry Schein's medical distribution business that could be used for repurchasing undervalued shares.
Earlier this month, Bank of America Securities adjusted their price target for Henry Schein's shares to $84 from $69 while upgrading the stock to buy.
Henry Schein did not immediately respond to MT Newswires' request for comment late on Wednesday.
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