Teleios Capital Partners has targeted French furniture and home décor company Maisons du Monde, demanding the firm seek support from major shareholders for any appointments to the board. According to a letter seen by Activist Insight Online, Teleios has repeatedly raised concerns regarding operating performance, transparency and corporate governance, but its attempts fell on deaf ears.
Teleios, the fund led by Adam Epstein, said that new appointments to the board will take place soon, including a new chairman, and investors need to have a say. “We regret that our repeated attempts to have a constructive dialogue with the board around these proposed appointments have been rejected,” Teleios, a 13.3% shareholder, wrote.
Shares in Maisons du Monde declined nearly 9% on Monday opening, amid a global market rout stemming from coronavirus fears and oil price collapse. The company has a market capitalization of a little more than 400 million euros.
France was an attractive region for activists last year, with 11 companies targeted according to Activist Insight Online, despite efforts by the French government to protect its national champions by reportedly setting up a fund to invest in activist targets.