10:37 AM EDT, 03/21/2024 (MT Newswires) -- Miller Industries' ( MLR ) board should initiate a review process to explore strategic alternatives, including a sale of the business, Advisory Research said Thursday.

Advisory Research, which said it owns a roughly 3.25% stake in Miller, called on the board to create an independent committee to conduct the review.

"A strategic review is essential to develop a credible long-term plan that the board can compare to alternative strategies, including a sale of the company," Advisory Research said. "Publicly committing to such an action would give potential buyers and the public market confidence that the board is laser focused on shareholder value."

The Chicago-based asset manger said Miller, a manufacturer of vehicle towing and recovery equipment, is an "attractive target for strategic acquirers" and "could fetch a more than 30% premium relative to its current valuation in a transaction."

Miller didn't immediately respond to a request for comment from MT Newswires.

Miller shares were nearly 1% higher in recent trading.

Price: 48.62, Change: +0.39, Percent Change: +0.81