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Engine Capital Sends Letter to EPAM Systems’s Board of Directors Highlighting Company’s Undervaluation and Urging the Initiation of a $750 Million Accelerated Share Repurchase Program

  • Engine Capital LP, which holds approximately 1.5% of EPAM Systems, Inc., delivered a letter to the company's Board of Directors.
  • Engine identifies opportunities to create shareholder value by utilizing idle cash, free cash flows, & potential leverage to aggressively repurchase shares.
  • The fund argues for strengthening alignment between company insiders & shareholder interests.
  • Engine states that if the Board lacks confidence to buy back stock aggressively, it should run a sale process to determine buyer-assigned value.
  • Engine Capital LP is a value-oriented special situations fund investing in companies undergoing change.
  • The letter includes forward-looking statements & disclaimers regarding risks, uncertainties, & potential future modifications to Engine's economic interest in the company.