“There’s nothing to suggest there’s been any wrongdoing” by Clayton management, the judge said, adding that “the directors were all validly elected.” As fundamental, long-term and contrarian investors, we use our own research to select equities that we believe are priced significantly below our assessment of. Our core skill is bottom-up stock selection. Lamb rejected allegations by Orbis lawyer Robert Green that Clayton had improperly convened annual meetings in the past. Orbis provides investment management services through the Orbis Funds. “We maintain our position that Clayton Homes is a great company with attractive growth prospects and is worth well more than $12.50 per share,” Orbis said in a statement.Ĭlayton Chairman James Clayton and the Clayton Family Foundation own about 28% of the company.īuffett’s spokeswoman said he wasn’t available for comment. Orbis Investment Management, a Bermuda-based fund manager, has increased its stake in transportation company XPO Logistics Inc. Shareholders “will have the opportunity on July 16 to vote against the merger, and if it’s voted down there will be a general meeting” to be scheduled by Clayton directors, Lamb said.īermuda-based Orbis said it intends to oppose the sale. Starr said he opposed the transaction at the current price and would prefer $16 to $17 a share.ĭelaware Chancery Court Judge Stephen Lamb said at a hearing Friday in Wilmington, Del., that he wouldn’t stop the vote, scheduled for July 16, because Orbis and other opponents can fight the acquisition by organizing a “just say no” protest campaign. Starr of Washington, who owns about 10,000 shares. The stock “is at the bottom of the cycle,” said Clayton shareholder E.D.

Orbis investment management airplane