Nufarm (ASX:NUF) Chair John Gillam is facing mounting pressure to sell the company due to a plunging stock price following a weak fiscal first-half profit, The Australian reported Tuesday.
The stock price has dropped 42% from AU$4.02 early this month to AU$2.38 a share on Monday.
Simon Mawhinney, from South African investment management firm Allan Gray, wants the board to test market interest in a takeover, preferring it over seeking more external equity to maintain seed technology expansion, according to The Australian.
Mawhinney, who holds around 17% of the company, will meet with the Nufarm board on Wednesday.
Gillam and Nufarm CEO Greg Hunt are aiming to meet shareholder demands but may resist a perceived "fire sale," with company insiders arguing it's rare for businesses to achieve full value with a fire sale.
Mawhinney, along with Raphael Lamm from L1 Capital and Vidhur Rangaswamy from Tanarra, control 30% of the company's stock.
Nufarm did not immediately respond to a request for comment by MT Newswires.
Shares rose nearly 3% in morning trade on Wednesday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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