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January 14, 2013
09:59 EDTXRTXBaker Street urges Xyratex to review all strategic alternatives
Baker Street Capital announced earlier today that it delivered a letter to the board of Xyratex. In the letter, Baker Street stated its belief that Xyratex' current market price is dramatically lower than the company's intrinsic value. Baker Street believes this valuation discrepancy is largely due to "the flawed strategy of reinvesting substantial profits from the Company's mature core businesses in loss-making and unproven HPC and Cloud initiatives." Baker Street stressed that a review of all strategic alternatives available to the company should be undertaken by a reconfigured board to maximize shareholder value. The letter highlighted the need for urgent board change and stated that Baker Street has identified three highly-qualified independent candidates that it believes should be immediately added to the Board. Baker Street concluded that it hopes to work with the board and management to explore ways to unlock value at Xyratex for the benefit of all shareholders. Baker Street said it owns approximately 23% of Xyratex's outstanding common shares.
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