On January 2nd Sandell distributed 1.3% of their ownership in SUG to their investors (who now control those votes). Sandell now owns 8.6% of the stock at an average cost of $29.07/share. SUG closed yesterday at $13.47.
On December 5th Sandell sent a letter to SUG announcing their intention to run a proxy contest in order to obtain four seats on the ten member board. Sandell believes the best course of action for SUG shareholders is an immediate sale of the Company.Position: None