MMI Investments says supports Unisys decision to explore alternatives

By Lisa Kerner

Charlotte, N.C., Feb. 20 - Unisys Corp. shareholder MMI Investments, LP said it supports the company's decision to explore actions that may enhance shareholder value.

MMI also supports Unisys' decision to delay its 2008 annual meeting, according to an amended schedule 13D filing with the Securities and Exchange Commission.

Unisys said in a company news release that it will hold its 2008 annual meeting on July 24, 2008 in order to give company and its investment banker, Bear Stearns, time to consider portfolio rationalization as well as ways to improve value for Unisys shareholders.

In January, the company postponed the date for shareholder notifications for the 2008 annual meeting "to facilitate discussions" with one of its largest shareholders, MMI.

Both Unisys and MMI believe the company's shares are undervalued. MMI, with a 9.9% ownership interest in Unisys, had previously expressed frustration with the company's operational and financial missteps related to its restructuring.

The investor had asked Unisys to begin a strategic review that could include a sale of the company, a prior SEC filing said.

Unisys is a Blue Bell, Pa., technology services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.