Open an account Help & support Register Account summary Log out
Skip Header
Home Stock market news

Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Activist investor Ancora urges Big Yellow to explore a sale

Wed 14 Oct 2026 09:30

(Sharecast News) - Big Yellow shares rallied on Wednesday after activist investor Ancora Holdings Group said the self-storage company should explore a sale. Ancora, which has a stake of more than 4% in Big Yellow, said the company is "materially" undervalued in the public market due to slow UK economic growth, a weak domestic housing market, the failed take-private by Blackstone in 2025 and its "capital-intensive yet high-potential" property development pipeline.

Ancora urged the company's board to launch a comprehensive strategic review, including a sale process, "soliciting interest from the deep pool of likely strategic and financial acquirers globally". It said a sale of Big Yellow represents "the best risk-adjusted" outcome for shareholders.

"In addition, with shares at a five-year low, Ancora believes Big Yellow can take pragmatic value-enhancing actions such as divesting non-core assets, rebranding or selling Armadillo and monetising the property development pipeline," it said.

Ancora said its due diligence suggests that despite the failed take-private last year, buyer appetite remains strong. It argued that if Big Yellow were to run a full strategic process, a transaction would likely occur at a compelling valuation. Ancora estimated that the intrinsic value of Big Yellow is £12.36 per share, reflecting a 5.1% capitalisation rate.

Ancora also called on Big Yellow to pursue the divestiture of non-core assets, rebrand or sell its smaller Armadillo brand, optimise its portfolio "for highest and best use", monetise its property development pipeline and repurchase its undervalued shares.

"These actions, combined with a likely recovery in occupancy and the possibility of an improved UK/London economic environment, could cause Big Yellow's shares to materially re-rate from trough levels," it said.

At 0930 BST, the shares were up 5.3% at 841p.

Share this article

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Awards

Award 1
Award 2
Award 3

Policies and important information

Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statements | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Statutory and Regulatory disclosures | Whistleblowing programme

Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.

This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.

© FIL Limited 2026