Published: Mon, April 16, 2018
Business | By Tara Barton

Wake up and float the coffee, Costa owner Whitbread told

Wake up and float the coffee, Costa owner Whitbread told

A unit of United States activist hedge fund Elliott Management how holds a six-percent stake in Whitbread (LON:WTB), Reuters has reported. The disclosure came about three months after it emerged that activist investor, Sachem Head, wanted the FTSE 100 group's management to examine a break-up as a way to boost the value of its individual businesses. A stock market disclosure late on Friday revealed it is now the FTSE 100 firm's largest shareholder.

Whitbread, which has a market value of £7.2 billion, is under pressure after it emerged that Elliott Advisors, an activist NY hedge fund, now owns a 6 per cent stake.

Elliott Advisors has built up a £430m position in Whitbread over the past year.

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Previous year in December, US hedge fund Sachem Head acquired a 3.4% stake in Whitbread, and made a series of demands to the group including a split of the business, the sale of property assets and a share buyback.

The company's shares are down almost 5% in the past 12 months. The feared American activist is thought to hold the view that as much as £3bn of value could be created by splitting the coffee shop chain from Whitbread's Premier Inn budget hotel arm, The Sunday Times reported.

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