UPDATE 1-Corvex calls on Premier Inn-owner Whitbread to pursue sale

Corvex, Inc.

Corvex, Inc.

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May 18 (Reuters) - Activist hedge fund Corvex Management on Monday urged Premier Inn owner Whitbread WTB.L to put itself up for sale and said it is ready to nominate directors to the hotel operator's board if it fails to do so.

"It is imperative that (Whitbread) immediately retains an independent investment bank and makes a public commitment to conduct a rigorous and comprehensive sale process, with the objective of maximizing value for all shareholders," Corvex Managing Partner Keith Meister said in a letter.

The hedge fund - founded by Keith Meister, a former protégé of Carl Icahn - had urged Whitbread to review its capital strategy in December, citing a valuation gap after last year's UK budget changes saddled it with higher costs.


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