Reed Conner Pushes For Value At Tripos, American Coin (TRPS,AMCN)
newsalert.com
(NewsTraders.com)-- Los Angeles-based investment adviser Reed Conner & Birdwell Inc. has decided to actively push for enhanced shareholder value at two firms in which it holds large ownership stakes: Tripos Inc. (TRPS) and American Coin Merchandising Inc. (AMCN).
In both cases, Reed Conner said it was changing its investment stance from that of a "passive" investor to an "active" watcher to reflect its decision to enter into discussions with management and or third parties concerning a possible change in control, merger or asset sale at each company.
The investment firm, which said it has not developed specific plans with respect to any such proposals, stated in regulatory 13D filings today that through such actions it "intends to seek to maximize the shareholder value" of the two firms.
Concerning Tripos, a St. Louis, Mo.-based software firm focused on the life sciences industry, Reed Conner has a 5.43% position, comprised of 191,084 shares.
American Coin, a Boulder, Colo.-headquartered franchiser of coin-operated arcade skill crane machines, is currently 8.52%-owned by Reed Conner. Holdings are backed by 553,600 shares.
Previously, on Feb. 14 Reed Conner reported a 5.92% interest in Tripos, while on July 21 the investment firm documented an 8.12% stake in American Coin. Both such ownership statements were made in 13G filings.
Of note, Jeffrey Bronchick, a former contributing writer to financial Web site TheStreet.com (TSCM), is Reed Conner's chief investment officer.
In recent market activity, shares of Tripos climbed $0.25 to $27.50, while American Coin skipped ahead $0.13 to $2.88, both on extremely light volume. |
