Relational Investors Boosts Stake in Unum Group (UNM) to 8.55%
In an amended 13D filing after the close on Unum Group (NYSE: UNM), Relational Investors disclosed they raised thier stake in the company to 8.55% (29.3M shares). This is up from the 7.49% stake (25.7 million shares) the firm disclosed in an May 13D/A filing.
In the original 13D filing, Relational Investors said they believe that several major factors have contributed to the Shares' undervaluation and underperformance including the Company's history of: (i) repeated, significant, one-time reserve and settlement charges against reported earnings, (ii) poor operating results and (iii) poor forecasting. Relational said it intend to closely monitor the management's progress toward achieving the Company’s 2007-2008 performance targets.