Atkore board expands scope of strategic alternatives to include merger or sale

Atkore’s (ATKR) Board of Directors has expanded the scope of its review of strategic alternatives to include assets outside of its core electrical infrastructure portfolio. As part of this expanded review, the Board and management team will consider a broader range of alternatives to maximize shareholder value, including, among other things, a potential sale or merger of the whole company. There is no deadline or definitive timetable set for completion of the strategic alternatives review. Atkore also announced it will appoint Franklin Edmonds to its Board of Directors as part of a cooperation agreement with Irenic Capital. With the addition of Edmonds, Atkore will expand its Board to ten directors, nine of whom will be independent. Additionally, the Board will form a Strategic Review Committee to oversee, evaluate and provide advice to the full Board regarding its review of strategic alternatives. Irenic has agreed to customary standstill and voting commitments, and other provisions.