Altria Vows to Remain a Passive Juul Investor as 35% Nonvoting Stake Is Converted to Voting
Although Altria (NYSE: MO) said today that it intends to convert the nonvoting shares it owns in Juul Labs into voting shares, it will remain a passive investor in the electronic-cigarette maker and not seek to elect directors to the board or exercise other rights it would have as an activist investor. At least not anytime soon.
Leaving open the potential for future action, the tobacco giant used wiggle words like "currently intend" and "pending the outcome of the U.S. Federal Trade Commission (FTC) litigation," referring to the regulatory agency's attempt to unwind its investment in Juul.
Source Fool.com
