Wednesday, August 29, 2007

Ramius Capital Nearly Doubles Activist Stake in Kensey Nash (KNSY)

In an amended 13D filing on Kensey Nash Corp. (Nasdaq: KNSY), Ramius Capital disclosed an 18.5% stake (2,204,622 shares) in the company. This is up from the 9.9% stake (1,180,634 shares) the firm disclosed in the original 13D filing on 07/02.

In the original 13D filing, Ramius Capital disclosed a letter to the President and CEO expressing its belief that the Shares are significantly undervalued and highlighting several opportunities to improve the value of the shares, including refocusing efforts on its core biomaterials business and significantly reduce spending and management effort on the endovascular business. The firm also said the Board should consider a Dutch auction tender offer to repurchase up to 42% of its shares outstanding.

Ramius Capital made no amendments in the 'Purpose of Transaction' section of the filing.

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