Canyon Sets Sights on New Activist Target

So far investors seem unimpressed with the multistrategy fund’s activist position in plastic packaging maker Berry Global Group, however.

Mitch Julis (Patrick T. Fallon/Bloomberg)

Mitch Julis

(Patrick T. Fallon/Bloomberg)

Credit-oriented multistrategy hedge fund firm Canyon Partners has launched its first activist campaign in nearly two years, pressing a maker of plastic packaging on ESG issues.

Canyon disclosed it owns 7 percent of Berry Global Group. On Sunday Canyon sent a letter to the company’s senior management and the board of directors, calling on the company to take three steps: publicly announce that it has hired an investment bank or other financial advisor “to develop a clear plan of action toward accelerated deleveraging,” commit to achieving an investment...

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