In March, Glenhill Advisors filled its original 13D and disclosed a letter sent to the Chairman expressing its concern about the company's underperformace. In April, an amended 13D from Glenhill Advisors noted they engaged in "consensual" discussions with certain senior executives and members of the Board of Directors of the Company.
Although Glenhill Advisors didn't get into great detail about the nature of the discussion, one would have to assume that today's announcement from TLC Vision is related the talks.
Glenhill paid on average in the high $4 per share range for its 13.9% stake in TLC Vision. Currently the stock is trading at $5.90.
TLCV 1-yr chart