02:16 PM EDT, 04/22/2024 (MT Newswires) -- (Updates with additional information.)

Activist investor Jana Partners urged Wolfspeed ( WOLF ) to explore ways to improve shareholder value, including a potential sale, Reuters reported Monday citing a letter it reviewed.

The letter reportedly said that Goldman Sachs had assigned a $126 per share M&A price target to the company.

Jana Partners also called on Wolfspeed ( WOLF ) to focus on a "back to basics" strategy that narrows down on its new Mohawk Valley and Siler City plants to improve returns on capital and urged the company to reconsider its planned investments in Europe until it could deliver on its existing business.

Jana Partners and Wolfspeed ( WOLF ) did not immediately respond to requests for comment from MT Newswires.

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