NEW YORK, Sept 14 (Reuters) - Atlantic Investment Management on Friday urged glass container maker Owens Illinois to sell its European business and use the proceeds to buy back shares and pay down debt.
The New York-based hedge fund, which owns a 5.93 percent stake, warned that the company is vulnerable to an unwanted takeover bid and said management should hire a financial advisor to "explore the sale of the European business."
"We expect the proceeds should be in the $3.2 billion to $3.8 billion range," Alexander Roepers, Atlantic's president and chief investment officer wrote in a letter to the board. The letter was released in a public filing.
Reporting by Svea Herbst-Bayliss