Pitney Bowes Initiates Second Phase of Strategic Review

Business Wire··Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Pitney Bowes announced it is initiating the second phase of its strategic review process, where the Board and a newly formed Strategic Review Committee will evaluate the existing value creation plan against a full range of strategic alternatives including acquisitions, divestitures, partnerships, and a full sale. The Committee is comprised of the Board's independent members and will work with independent advisors. Independent Chair Brent Rosenthal stated the company intends to rigorously evaluate all options from a position of strength, citing a strengthened balance sheet, improved cash flow and earnings, and enhanced financial flexibility. No definitive timetable has been set for the review, and there is no assurance it will result in any change in strategy or a transaction. The Board has selected BofA Securities and Goldman Sachs as financial advisors and Sullivan & Cromwell as legal advisor.

Impact on assets 3

Financials▲ · 2 stocks
Bank of America Corp
BAC
▲ PositiveCapitalrelevance

Selected as financial advisor for the strategic review, generating advisory fees.

Goldman Sachs Group Inc
GS
▲ PositiveCapitalrelevance

Selected as financial advisor for the strategic review, generating advisory fees.

Industrials▲ · 1 stocks
Pitney Bowes Inc
PBI
± MixedCapitalrelevance

Company initiates strategic review to evaluate alternatives including sale; outcome uncertain.

Off-coverage companies 1

Sullivan & Cromwell LLPPrivate± Mixed
relevance

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