WH Smith PLC (LSE:SMWH) saw its stock price gain up to 2.9% on Thursday amid news that activist investor Palliser Capital has acquired a significant holding in the company.
According to a report from Sky News, Palliser has accumulated close to a 5% stake in the British retailer, with the investment valued at roughly £65 million ($88.3 million) based on current market prices.
The disclosure of Palliser’s position was expected to coincide with a major industry event taking place Thursday.
Sources familiar with the matter indicated that Palliser views WH Smith’s expansion in the U.S. as a key driver of future growth and believes the retailer’s shares could nearly double in value over the next three years.
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