Activist Investor Battle Intensifies for Valaris

摘要

A battle between offshore rig owner Valaris and activist investor Luminus Management is heating up with the investment firm calling for a shareholder meeting in a bid to take control of the company’s board. Luminus, which holds an 18.7% stake in Valaris and is the driller’s largest shareholder, has accused the company of “years of persistent strategic, operational and governance failures” and says the only way to improve the company is through “significant” changes at the board level.