Second Carreker investor calls for sale
22 June 2006 | 4986 views | 0
A second major investor in US financial IT and consultancy firm Carreker Corporation has called for the company to put itself up for sale.
According to press reports, Bryant Riley, whose fund holds about a 9.7% stake in the firm, says he has become concerned with the direction Carreker's directors have taken and the business should put itself up for sale.
Riley reportedly intends to propose one or more candidates to the company's board and may run a proxy campaign if the board doesn't respond adequately.
The move comes just days after Los Angeles hedge fund manager Chapman Capital, which holds a 5.6% stake in Carreker, called for a sale of the company.
Last week Dallas-based Carreker admitted several shareholders had "inquired as to the company's strategic planning" and said it had retained Bear Stearns to "explore various strategic alternatives for the company" including a merger, a sale and other possible transactions.
The vendor has struggled over the past 18 months after sales dried up and it was forced to cut its workforce last year.