written by reader Thoughts on the MFC Industrial (MIL) / Kellogg / IAT situation?

By stockinup, December 13, 2013

Has anyone delved into this proxy battle in depth? I’d appreciate hearing your thoughts on the players, the assertions, and what you think the motives are. Thanks in advance!

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Travis Johnson, Stock Gumshoe
Reply to  stockinup

I’m not exactly delighted by it, particularly by the disclosure or lack thereof from Kellogg, but activism is understandable given MFC’s acquisitions and their falling share price. This fight with a major shareholder is tough to figure out in part because MFC management likes to keep their cards pretty close to the chest. My investment interest hinged quite a bit on their ability to realize some value in relatively short order from their acquired natural gas assets, not so much on their continuing buildup of a commodities distribution system, so I’m continuing to re-evaluate now that we’re at close to a 25% loss since I covered them. I’m not sure what I’m going to do yet, but the valuation is compelling unless you think Michael Smith has really lost his strategic vision. He has done very well for investors in the past, so I continue to give him some benefit of the doubt and the stock has not been punished as much as some commodity companies, but I have a hard time deciding on a course of action with this one.

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joshsorensen
6 years ago

Any idea why this stock is trading at such a discount to book value?

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joshsorensen
6 years ago

Any new to the 10% jump after hours Friday? I have not found anything.

joshsorensen
6 years ago
Reply to  joshsorensen

Sorry, suppose to say news, not new.

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