Harbert Management Raises Stake in Gateway (GTW) to 10.7% and Enters Confidentiality Agreement

In an amended 13D filing with the SEC on Gateway (NYSE: GTW), Harbert Management disclosed a 10.7% stake (39.75 million shares) in the company. This is up from the 10.2% stake (37.8 million shares) the firm disclosed in a past filing (08/21). The investment firm disclosed that on September 25 they entered a confidentiality agreement with the company that will make available certain non-public information.

Back in August, in the original 13D filing, the group submitted a letter to Gateway to offer the board and management assistance in their efforts to enhance shareholder value. In the letter the group said, "The motivation for our investment in Gateway can be distilled to one simple thesis; there is nothing wrong with Gateway that can't be fixed with what's right with Gateway."

Also in August, Gateway received an unsolicited expression of interest from Lap Shun Hui to acquire Gateway's retail operations for $450 million. The company later said the deal was not in the best interest of shareholders.

Shares of Gateway closed at $1.89 on Friday.

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