Sandell Asset Management Corp. spearheaded an activist campaign at communications testing company Viavi Solutions Inc. (VIAV) on Tuesday. The firm, which has recently gone activist on companies such as furniture seller Ethan Allen Interiors Inc. (ETH), wrote a letter urging Viavi to embark on a strategic review, considering a sale of the companies or certain assets, or a conversion to a so-called platform company in order to reap tax advantages. Sandell believes Viavi, formerly known as JDS Uniphase, could score $10 per share in a sale. A conversion to a platform company could provide value of over $12 per share, in that firm’s opinion. Other companies that have adopted the platform company structure include Jarden Corp. (JAH), Platform Specialty Products Corp. (PAH), and Nomad Foods Ltd. (NHL). The Deal’s Senior Reporter Lisa Allen has the details from New York.
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