Activist Clearway pushes Slimfast owner Glanbia on spinoffs

Glanbia's board is being pushed spin off the consumer brands including SlimFast and Optimum Nutrition into a standalone entity with dual listings in the US and Ireland

Tue, 03 May, 2022 - 17:08

Activist investor Clearway Capital is pressing Glanbia Plc to spin off some of its branded businesses, as part of a plan to extract value and double the food and nutritional products company’s market value to over €6bn.

Clearway, which earlier this year bought a stake in Kilkenny-based Glanbia, is pushing the company’s board to “immediately” start working on spinning off consumer brands including SlimFast and Optimum Nutrition into a standalone entity with dual listings in the US and Ireland, the firm wrote in a letter to Glanbia’s chairman seen by Bloomberg. Clearway also called for Glanbia to begin streamlining its European cheese joint ventures.