Shares of ValueVision Media (VVTV) are still off their $14 highs, seen before the financial crisis, but shares have had a nice run so far this year, finally rising above the $2 level in early 2013. Now that activist investor Clinton Group owns over 5% of the company, we see further gains ahead.
Clinton Group wants CEO Keith Stewart replaced and new initiatives put in place to grow the company's market share and increase shareholder value. If the board accepts Clinton's recommendations, the hedge fund is willing to invest another $25 million in a rights offering priced above the company's current share price to fund the company's next stages of growth.
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