UPDATE 1-Hedge Fund Irenic builds 2% stake in SSP, pushes for profitability boost, FT reports
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Adds details from the report in paragraphs 2-3
May 1 (Reuters) - Activist investor Irenic Capital Management has built around a 2% stake in SSP Group SSPG.L and is pushing the Upper Crust owner to boost its profit margins, the Financial Times reported on Thursday, citing people familiar with the matter.
According to the report, the New York-based hedge fund is arguing that the company's share price could be worth double its current valuation.
Irenic plans to continue buying shares in SSP and has met with management multiple times, but it has yet to outline specific demands to the London-listed company, the report said.
SSP, which operates food outlets at airports and train stations globally, and Irenic Capital did not immediately respond to Reuters' requests for comment.
(Reporting by Aatrayee Chatterjee; Editing by Shailesh Kuber and Shilpi Majumdar)
((Aatrayee.Chatterjee@thomsonreuters.com))