NEW YORK (AP) — One of the largest investors in Charles River Laboratories
International Inc. has taken a bigger stake in the company, and according to
media reports, it is pushing the medical research company to sell itself.
Relational Investors LLC disclosed Wednesday that it now owns about 3.2
million shares of Charles River Labs, or 5.6 percent of the company. That’s up
from around 2.6 million shares, or 4.5 percent of the company. The Wall Street
Journal reported Thursday that Relational is pushing management to sell the
company, and added that the California teacher’s pension fund also bought more
shares and has joined the push for a sale.
It said the California State Teachers’ Retirement System and Relational own a
combined 6.1 percent of Charles River Labs.
Charles River Labs provides medical research equipment and services to drug
companies and other customers. Relational is the third-largest shareholder in
the company, and it was one of the firms that criticized Charles River Labs
management earlier this year over plans to pay $1.6 billion to buy WuXi
PharmaTech Inc., a outsourcing company
based in China. The deal broke up after following opposition from Charles River
Charles River Labs, based in Wilmington, Mass., did not immediately respond
to requests for comment. Company shares rose slightly in aftermarket trading.