Given Imaging Ltd. (GIVN)'s Disgruntled Shareholder Sells Stake And Cashes Out
12/13/2013 8:55:12 AM
Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) shareholder Discovery Equity Partners is not waiting for the closing of the sale of the company to Covidien plc (NYSE: COV), and has sold its entire 3.7% stake of 1.2 million shares. This is the private equity fund, which a few weeks ago sent a sharply worded letter to Given Imaging's board of directors, accusing it of bad management and failure to create value for shareholders. In the letter in early October, Discovery Group said that a sale to a strategic buyer could be expected to achieve a value of $26-30 per share.
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