BioScrip shareholder wants cost cutting, sale
-
- April
- 27
A shareholder of Elmsford-based pharmacy benefits manager BioScrip Inc. yesterday urged the board of directors to cut costs while also looking to sell the company.
Anchor Capital of Raleigh, N.C. said in a letter to the BioScrip board that investors have lost confidence in management’s ability to cut costs and operate the company’s assets “at a reasonable level of profitability.”
“Therefore, we believe shareholders’ best option for value creation is a sale to a strategic buyer that is willing and able to operate (Bioscrip’s) assets efficiently,” Anchor said in the letter.
Anchor said in a press release that it believes shareholders “have lost patience with BioScrip’s frequent missteps.” That has caused the values of the company’s shares to drop 67.4 percent since the end of 2007, Anchor said.
Anchor said it believes a sale to a strategic buyer could cause the shares to jump 325 percent from their $2.52 closing price last Wednesday. The shares closed yesterday at $2.48, up 3 cents.
Lisa Wilson, an outside public relations agent, said the company had no comment.
Anchor said its affiliates own 512,297 BioScrip shares, about 1.3 percent of the company.
This entry was posted
on Monday, April 27th, 2009 at 4:45 pm by Allan Drury.
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