Activist Irenic builds stake in UK's Big Yellow and pushes for sale, FT reports

Oct 15 (Reuters) - Activist investor Irenic Capital Management has built a stake of about 4% in UK self-storage company Big Yellow Group and is pushing it to explore a sale, the Financial Times reported on Thursday, citing people familiar with the matter.

The report comes days after Ancora Holdings revealed a stake of over 4% and also called on the company to explore a sale.

• Irenic has pressed the board to explore strategic options, including a sale, arguing the company's shares are undervalued, the FT reported

• Shares of the company rose 5.5% to 888 pence by 1446 GMT

• Big Yellow last year received takeover interest from Blackstone, but talks ended without a deal

• The self-storage company said on Thursday before the report that it is evaluating all options to maximise shareholder value while remaining focused on its long-term growth strategy

• The FT said the company could attract interest from private equity firms and strategic buyers in a formal sale process

• Irenic Capital Management and Big Yellow declined to comment on the report when approached by Reuters

(Reporting by Atharva Singh and Anushka Chourasia in Bengaluru; Editing by Sahal Muhammed)