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DCO Ducommun Inc

56.80
-0.48 (-0.84%)
15 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Ducommun Inc NYSE:DCO NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -0.48 -0.84% 56.80 57.145 56.78 57.00 40,125 01:00:00

Albion River Comments on Recent Statement from Ducommun Board

22/04/2024 9:05pm

Business Wire


Ducommun (NYSE:DCO)
Historical Stock Chart


From Apr 2024 to Jun 2024

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Albion Has Continued to Increase Equity Holdings in Ducommun

Today, Albion River LLC issued the following statement:

“Albion River LLC’s affiliate Ignium LP (“Albion”) continues to acquire shares in Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”) and now owns over 9.2% of the Company’s outstanding shares.1 Albion owns more shares in Ducommun than all of management and the Board of Directors combined.

Ducommun’s stock hit a 52-week high once Albion’s bid was disclosed by the Company. Since then, Ducommun has dropped 11% following the Company’s declaration it “is not for sale”.2 Respectfully, this decision rightfully resides with the owners of the Company, the shareholders.

Albion would like to thank the numerous key stakeholders who have reached out to express their support in our efforts to acquire Ducommun. The Board of Directors has an obligation to evaluate all offers for the Company. Albion encourages management to disclose other offers it may have received that the Board of Directors and public may not be aware of.

The Company’s press release in response to Albion’s bid reflects a belief that $60 / share does not represent fair value. Therefore, consistent with executive compensation best practice, the Company’s Board of Directors should ensure any new stock-based compensation be converted to options at a $60 strike price to limit shareholder dilution and further align management to maximizing shareholder value. Planned stock issuances below $60 are inconsistent with the Company’s stated position as of April 16th.

Albion continues to believe that public markets are not an appropriate setting for Ducommun to execute its strategy and maximize shareholder value. We are committed long-term shareholders of the Company and intend to make our case directly to shareholders in due time.

We look forward to engaging with shareholders and members of the Board of Directors at the upcoming Annual General Meeting on April 24th.”

1 Ducommun ownership percentage information based on the number of shares outstanding as of February 26, 2024, as set forth in Ducommun’s proxy. 2 Based on 52-week high ($58.19) and closing price on April 19, 2024 ($52.02).

Contact (For Press Inquiries Only): Dan Zacchei/Charlotte Kiaie Longacre Square Partners albionriver@longacresquare.com On behalf of Albion River LLC: https://albionriver.com

1 Year Ducommun Chart

1 Year Ducommun Chart

1 Month Ducommun Chart

1 Month Ducommun Chart