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Sachem Urges Eagle Materials To Spilt Core Businesses, Nominates Board Members

by posted 2months ago 9 views
May 8 (Reuters) - New York-based hedge fund Sachem Head Capital Management on Wednesday urged Eagle Materials Inc to separate its cement and wallboard businesses and nominated two candidates to the company's board. Sachem, which disclosed a 9 percent stake in Eagle Materials in March, said the diversion of Eagle's cash to fund its expansion into oil and gas proppants has resulted in "substantial underperformance" in the company's stock price.

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