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elliott hikes stake in german 3d printer slm solutions to 29 percent

by:Tuowei     2019-08-26
FRANKFURT (Reuters)-
Activist investor Elliot has increased his stake in German 3D printing firm SLM Solutions to 29.
8%, new board members are joining after a series of profit warnings and a slump in the company\'s share price.
SLM said in a statement on Thursday that Elliott will buy all new shares from the capital increase for £ 7. 23 euros ($8. 12)a share.
SLM said it would receive 13 million euros in revenue from the deal.
Its shares rose 14% at 0830 GMT on Friday.
Elliott, who invested in SLM in 2017, expects GE to buy the company, but is wrong --
When GE turned to peer-to-peer Arcam and left SLM, he was gone.
Shares of SLM have fallen nearly 90% since the beginning of 2018, as customers have rejected SLM given its uncertain outlook, triggering a series of profit warnings.
SLM appointed GE manager Meddah Hadjar as CEO this week to reverse the company\'s situation, with losses accelerating in 2018 and revenue shrinking.
SLM said that, with the support of Elliott, the company recommended the appointment of former Jenoptik CEO Michael Medin, former Arcam CEO Magnus René and former Goldman Sachs manager Thomas ·
\"We look forward to continuing our partnership with the company,\" Elliott manager Frank Deere said in a statement . \".
Elliott plans to transfer 20% of new shares to the hedge fund ENA investment fund, which holds a 8% SLM solution through instruments. ($1 = 0. 8907 euros)
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