David Tepper, the founder of hedge fund Appaloosa Management has stepped up pressure on Whirlpool, accusing the appliance manufacturer of destroying shareholder value and calling for sweeping strategic changes, according to a report by the Wall Street Journal.
In a letter to the board, Tepper criticised Whirlpool’s recent equity issuance, saying he was “astonished” by the move given what he described as a cost of capital exceeding 10%. He argued the transaction led to unnecessary shareholder dil...
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