U.S. hedge fund Tourbillon Capital Partners LP has sent a letter to SunOpta Inc (SOY.TO), urging that the Canadian food company be sold to increase shareholder value, according to a regulatory filing on Friday.
The US$4 billion hedge fund has a 9.9 percent stake in SunOpta. Its shares have fallen 44 percent this year as of Thursday’s close.
“Simply put, we believe SunOpta can become a more valuable business as a part of a larger enterprise,” Jason Karp, who runs Tourbillion, wrote in the letter, according to a 13-D filing with the U.S. Securities and Exchange Commission.
Update: Based in Mississauga, Ontario, SunOpta specializes in the processing and packaging of natural and organic food products.
(Reporting by Svea Herbst; Writing by Lauren Tara LaCapra; Editing by Jeffrey Benkoe)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of SunOpta Inc