Zenith Electronics Corp didn’t get its plans to sell its consumer electronics business any too soon: it turns out that a New York outfit calling itself Brookhurst Partners Limited Partnership has been stalking the company since March, and late Wednesday showed its hand, saying that it had 7.1% of Zenith’s shares and may propose a business combination. It says it bought – at between $18.50 and $29 – because believes that recent and current trading prices do not adequately reflect the value of the underlying Zenith businesses and assets. It also says that it may continue buying Zenith shares, and adds darkly that it is not a passive investor. If Zenith fails to take steps to enhance the value of the stock, the partnership will take any actions it deems appropriate, it added.
