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Hedge fund Hestia wants Pitney Bowes to review capital spend, e-commerce segment



HESTIA Capital Partners, which scored big gains on its GameStop bet, is pushing shipping and mailing company Pitney Bowes Inc to re-evaluate its capital allocation and e-commerce strategy, sources familiar with the matter said.
The hedge fund, which owns a 6.9 per cent stake in the company that leases postal meters and pre-sorts mail for commercial clients, has held talks with Pitney Bowes and has suggested a possible sale of an underperforming segment, two people with direct knowledge of the matter told Reuters.
It is not clear whether Hestia, run by Kurt Wolf, plans to nominate director candidates for election to the company’s nine-member board. But Wolf has been in contact with half a dozen potential candidates, one of the sources said, noting the people have held leadership roles at competitors like Stamps.com.



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