Elliott Said to Take Almost 5% Stake in UK Distributor Bunzl (2)

Elliott Investment Management LP has taken an almost 5% stake in Bunzl Plc, people familiar with the matter said, after a profit warning last year sent the UK distributor’s shares tumbling.

The activist investor is calling on London-based Bunzl to repurchase shares equivalent to as much as 10% of its total market capitalization over the next 12 months, the people said, asking not to be identified discussing confidential information.

Bunzl shares rose as much as 3.7% on Monday. The stock was up 1.4% at 9:45 a.m. in London, giving the company a market value of around £8.3 billion ($11.2 ...