- ValueAct Capital turns up the heat on Baker Hughes (BHI), saying in an SEC filing that it believes shares are undervalued and intends to discuss ways to enhance shareholder value with BHI's board.
- ValueAct says it may want to add a representative to BHI's board, and plans to discuss the company’s M&A strategy, executive compensation and capital allocation, and other items.
- The hedge fund owns a 5.3% stake in BHI; in January, after BHI agreed to be acquired by Halliburton (NYSE:HAL) for ~$35B, it disclosed a 5.1% stake for ~$1.22B.