By Denny Jacob
Logistec on Friday said its principal shareholder, Sumanic Investments, informed the board of its interest in considering a partial or whole sale of its stake in the company.
The cargo-handling company said Sumanic also informed the board of its desire for the company to initiate a process to pursue a strategic transaction in the interest of shareholders in order to maximize shareholder value.
The board has formed a special committee of independent directors to consider the request to review strategic alternatives, including a potential sale, and make recommendations to the board, Logistec said.
Sumanic controls about 78% of the company’s voting rights, according to Logistec’s website.
Write to Denny Jacob at denny.jacob@wsj.com
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