Marathon Partners Calls on Tequila Maker Becle to List on Major Exchange
By Anthony Harrup
New York-based investment firm Marathon Partners Equity Management said Wednesday it wants Mexican tequila maker Becle to list shares on a major global exchange, or consider other options including a merger or sale.
Marathon Partners said it recently sent a letter to Becle Chairman Juan Domingo Beckman and the Becle board, "urging the board to consider alternatives that would help increase shareholder value."
Becle's listing on the Bolsa Mexicana de Valores imposes costs to shareholders, while limited liquidity and a lack of share-repurchase options on the Mexican exchange "more than justify a relisting to a major global stock exchange," the firm said. Otherwise, the board should consider alternatives including a potential sale, merger or transaction to go private, it added.
Marathon Partners said it owns more than 15 million Becle shares. "Becle shares have performed quite poorly since the February 2017 IPO and, at most times, have been significantly undervalued by the marketplace relative to global spirits peers," the letter said.
Becle shares were up 1.3% in early trade Wednesday on the Mexican stock exchange.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
March 06, 2024 10:46 ET (15:46 GMT)
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