Pursuits
Outerwall Said Targeted by Activist Welling's Engaged Capital
- Redbox and Coinstar owner said to have rebuffed buyout offers
- Activist has amassed a more-than 14 percent stake in company
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Outerwall Inc., the owner of Redbox DVD rentals and Coinstar cash exchange kiosks, is being targeted by activist investor Engaged Capital LLC, which is urging overhauls including pursuing a sale to private equity suitors.
Engaged, founded by Glenn Welling, has amassed a stake of about 14 percent of the company, according to a filing Monday. Outerwall has rebuffed at least three buyout firms that approached the company in the past two years, seeking to negotiate taking it private, according to two people people with knowledge of the situation, who asked not to be named discussing private information.