(Adds details and quotes from interview, Sotheby's, background)
By Michael Flaherty
Oct 6 Activist investor Richard McGuire said on
Thursday that crane maker Terex Corp has room to slash
costs and sell assets, in his first public statement about his
plans for the company.
McGuire, whose Marcato Capital Management owns a 5.1 percent
stake in Terex, told CNBC in an interview that the company could
"sell businesses that are not at scale to allow attractive
returns on capital."
He did not identify specific divisions that Terex, which
also makes other heavy machinery, that could be put up for sale.
McGuire also discussed Buffalo Wild Wings, the restaurant
chain that Marcato owns a 5.2 percent stake in. Marcato has
urged the company to shake up its board and to shift toward a
more highly franchised business model instead of buying out
franchisees and opening more restaurants.
McGuire said in the interview that Buffalo Wild Wings'
management had not been as receptive to Marcato's plans "as we
would like" and repeated his view that the company's shares
could triple over a four-year span.
Citing another Marcato investment, he said "Sotheby's is
doing all that we want to see" being done by the auction house.
Sotheby's plans to buy $73.8 million of stock from
Marcato at $36 a share, helping the fund cut its stake in the
auctioneer by roughly half to 4.9 percent, regulatory filings on
McGuire said Marcato sold the shares to rebalance its
portfolio of investments.
(Reporting by Michael Flaherty; Editing by James Dalgleish and