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Investing.com -- Atkore Inc. (NYSE:ATKR) stock rose 5% Wednesday after Bloomberg reported the electrical manufacturing company is exploring options including a potential sale amid pressure from activist investor Irenic Capital Management.
According to people familiar with the matter, Atkore could provide an update on its sale deliberations when it reports quarterly earnings on Thursday. The Harvey, Illinois-based company might appeal to both strategic buyers and private equity firms, the sources said.
The reported sale exploration follows Irenic Capital Management building a 2.5% stake in Atkore and urging the company to pursue a potential sale, as Bloomberg reported in September. Atkore had previously disclosed it was working with Citigroup Inc. to evaluate "a broad range of alternatives" to enhance focus on its core electrical infrastructure portfolio.
Atkore’s shares experienced significant volatility in August, dropping the most in five years as the company identified headwinds for the upcoming year and announced its CEO’s retirement. The electrical products manufacturer has now seemingly accelerated its strategic review process amid the activist pressure.
A representative for Atkore declined to comment on the reported sale exploration, according to Bloomberg.
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