HoldCo Asset Management has built a 3.8% stake in First Interstate (FIBK) and told management to stop acquisitions and buy back more shares or it will push for a sale, Yizhu Wang and Georgie McKay of Bloomberg report, citing a presentation. “The extreme undervaluation can be primarily explained by a succession of value-destructive decisions made by the board in recent years and a fear that the board will not swear off future acquisitions, which it should,” HoldCo said in the presentation. Shares of First Interstate are up 4% to $31.13 following the report.
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