RE:RE:Nice pop!retiredcf wrote: Very strong finish with 5 million traded so obviously the investment firms are moving in big time (the block trades will tell the tale). We may be unaware of more activities going on with the activist investors. GLTA
The more I think about a sale happening with the company the more it makes sense. Keep in mind these activist guys were apprentices of Bill Ackman during the integration of Burger King and Tim Horton’s so I would imagine we’re going to see something similar happen here. EFN may have lacklustre growth but with positive earnings and being a yield play, integration with another company while significantly reducing overhead makes sense for the company and for shareholders. So with the word “sale” already being rumoured in the market I’d imagine these guys are already on the radar of some big players who want to add the biggest fleet management company in North America to their portfolio.
A lot of the volume you saw today was probably algo buying on the big $10 resistence but I’d imagine the investor activist push is playing into this as well. I’ll be further buyer on any weakness going forward because in a strong market it makes no sense for EFN to be this low. It’s going to be a monster 4th quarter for ECN as well. Cheers