BOSTON (Reuters) – Investment firm PrimeStone is pressing medical device maker LivaNova PLC LIVN.O to consider strategic options including selling parts of its business, refreshing its board and hiring a new finance chief, saying such steps could double its share price.
London-based PrimeStone said that years of underperformance required a new strategic direction and that the company should divest its Cardiopulmonary business, sell or close its Heart Valves business, and consider appointing a new board chairman and hiring a new chief financial officer, according to a letter the investment firm is sending to LivaNova’s board on Monday.
PrimeStone said in the letter, which was seen by Reuters, that LivaNova’s share price could “more than double to $100”, adding: “However, to get there, several changes need to take place.”
The investment firm is urging the company to focus on its Neuromodulation unit.
LivaNova did not immediately respond to a request for