Portillo's Confirms Talks With Activist Engaged Capital

Dow Jones08-16

By Colin Kellaher

Portillo's on Friday confirmed it has held talks with activist investor Engaged Capital, which is pushing for changes after building a 9.9% stake in the restaurant chain.

In a filing with the Securities and Exchange Commission, Engaged said it has been in communication with Portillo's on potential steps to unlock the intrinsic value of the Oak Brook, Ill., company's business, including the exploration of a sale.

CNBC, citing sources, on Thursday reported that Engaged has given Portillo's specific operational changes it believes would help get the company back on track, and that the investor believes there would be significant private-equity interest in Portillo's if a turnaround fails.

In an emailed statement, Portillo's confirmed that it has spoken with Engaged and that it regularly engages with shareholders to understand their perspectives, adding that its board and management "will continue to take actions and make decisions that are in the best interests of our shareholders."

Engaged last year won changes at Shake Shack after threatening to launch a proxy battle for board seats at the high-end burger chain.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 16, 2024 11:37 ET (15:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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