Activist investor sees value in Hill’s Pet Nutrition business
) and sees value in a potential spinoff of its Hill’s Pet Nutrition business and other brands, the activist investor said in a letter seen by Reuters.
“There is meaningful hidden value in the company’s Hill’s Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate’s consumer assets,” the letter said. “We see shares compounding at a mid to high teens rate over the next several years just from earnings growth and the nearly 3% dividend,” Loeb wrote, adding that any strategic actions around Hill’s or the consumer health sector “could add materially to our expected return.”
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