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Jun 12, 2018

AutoCanada board to consider Clearwater Capital's request to conduct strategic review

GM dealership

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EDMONTON - AutoCanada Inc. (ACQ.TO) says its board of directors will consider a request by an activist investor that it conduct a strategic review of its options include a possible sale of the company.

The auto dealership group made the comment after Clearwater Capital Management asked the board to explore its options amid concerns about the company's recent performance.

Clearwater says it recently acquired a new investment position in AutoCanada shares on behalf of its managed accounts, but did not disclose the size of its stake.

AutoCanada says its board welcomes constructive dialogue with its shareholders and continues to execute a strategic plan that was reset following its first quarter.

The company says the focus of the plan is to strengthen the company and enhance long-term shareholder value.

AutoCanada owns a wide range of auto dealerships across Canada and in Illinois.

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