Hedge Funds

Cib Marine Targeted By Activist Hedge Fund

by bankingexchange.com posted 5months ago 13 views
Activist investor Hildene Capital is pushing for a major overhaul at CIB Marine Bancshares, saying the company is underperforming. Connecticut-based Hildene has also nominated two people it wants elected to CIB Marine’s Board at the annual shareholders’ meeting on April 29. Funds managed by Hildene own 36% of each of the Wisconsin-based CIB Marine’s series A and series B preferred stock, as well as 0.1% of the company’s common stock. In a letter to CIB shareholders, Hildene said it had “witnessed firsthand” the “decade-long mismanagement of the company marred by underperformance and unfulfilled promises”.

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