Irenic Capital moves to rustle up takeover interest in Upper Crust owner SSP, FT reports

(Reuters) -Activist hedge fund Irenic Capital Management is trying to drum up interest in a take-private deal for Upper Crust owner SSP Group after boosting its stake in the food-to-go operator, the Financial Times reported on Thursday.

Reuters could not immediately verify the report.

Irenic Capital Management declined to comment, while SSP Group did not immediately respond to a Reuters’ request for comment.

The New York-based hedge fund is encouraging private equity groups to launch takeover bids for the London-listed company, arguing that SSP could be valued at a 50% premium to its market value in a take-private deal, the newspaper reported, citing a pitch deck.

The fund points to SSP’s predictable revenues, its capacity to grow in U.S. airports and its ability to generate capital th