Juno Lighting Inc. has retained an investment banker to explore strategic alternatives for the company. Juno Lighting hired Wachovia Capital Markets LLC as an adviser on strategic alternatives to enhance shareholder value.
The decision to hire Wachovia Capital Markets comes after shareholder Abrams Capital LLC — a mid-size hedge fund based in Boston — approached Wachovia earlier this month about possibly acquiring the shares it currently doesn’t own of Juno.
Juno said Wachovia will help its board review the proposal as well as other options. These may include debt refinancing, an equity offering, recapitalization or other strategic transactions, including a sale or merger of Juno or one or more of its business units to or with a third party.