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Investing.com-- Activist investor Engine Capital has built up a stake in Avantor Inc (NYSE:AVTR) and plans to push the lab equipment firm to either sell itself or overhaul its business, the Wall Street Journal reported on Sunday.
Engine could reveal its roughly 3% stake in Avantor by as soon as Monday, the WSJ report said, citing people familiar with the matter.
The investment firm is expected to push Avantor into either pursuing an immediate sale, or make changes including a board refresh, stock buybacks, and the divestiture of non-core assets, the WSJ report said.
Engine thinks the company could sell for between $17 and $19 a share, the report said. Avantor closed at $11.50 on Friday.
Engine’s stake in Avantor comes as shares of the lab equipment supplier plummeted nearly 50% this year, amid slowing demand due to reduced government funding for research and education sectors.