Pitney Bowes”™ board of directors has taken a possible sale of the company off the table, potentially quelling months of rumors.
At a March 6 meeting with analysts in New York City designed to update its review of strategic alternatives, the Stamford tech company announced that, instead of a sale, its board had decided that “the continued execution of the company”™s strategic plan and transformation initiatives creates greater shareholder value than selling the company now.”
The board and management team will continue to evaluate incremental strategic actions around portfolio and capital allocation, Pitney said, adding: “The company remains focused on enhancing shareholder value and does not intend to provide updates unless or until it determines that further disclosure is appropriate or necessary.”
The Stamford firm hired Lazard Ltd. as its financial adviser and Cravath Swaine & Moore LLP as its legal adviser in November to explore strategic alternatives. Earlier this year it was reportedly attracting interest from the likes of buyout firms Blackstone Group LP and Carlyle Group LP.
On Jan. 31, Pitney posted fourth-quarter revenue of $1 billion and full-year 2017 revenue of $3.5 billion, respective increases of 18 percent and 4 percent over the previously reported periods.
