LONDON May 3 Activist hedge fund TCI Fund
Management on Wednesday said Zodiac Aerospace shares
were now worth 7-10 euros each ($10.92), after the French firm
last Friday posted a first-half loss.
TCI is campaigning to pressure Zodiac suitor Safran
to drop its bid to buy the firm and had previously valued it at
10 euros a share in a presentation on March 24.
The hedge fund manager said in a presentation shared with
Reuters on Wednesday that an offer above 10 euros "results in
TCI credited their revised valuation in part to a reported
loss in the first half of 2017 and 'unrealistic' forecasts of a
return to mid-teen margins.
($1 = 0.9161 euros)
(Reporting by Maiya Keidan, editing by Simon Jessop)