Cooper Creek Reports Sole Voting Power Over 10.5M O-I Glass Shares
Rhea-AI Filing Summary
Cooper Creek Partners Management LLC reported beneficial ownership of 10,525,527 shares of O-I Glass common stock, representing 6.8% of the class. The filing states Cooper Creek has sole voting power and sole dispositive power over all shares reported, meaning it controls how those shares are voted and has authority to dispose of them.
The statement is filed under the Schedule 13G framework and classifies the reporting person as an investment adviser (IA). Cooper Creek certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The filing is signed by John McCleary in his capacity as CFO of the reporting entity.
Positive
- Material stake disclosed: Ownership of 10,525,527 shares (6.8%) provides clear, material disclosure to the market
- Sole voting and dispositive power: Reporting person holds exclusive authority to vote and dispose of the reported shares
- Investment adviser classification and certification: Filing states shares are held in the ordinary course and not to effect a change in control, increasing transparency
Negative
- None.
Insights
TL;DR: A material 6.8% minority stake with full voting and dispositive authority creates potential influence but is certified as not intended to change control.
This Schedule 13G/A discloses a clearly material minority position: 10,525,527 shares equal 6.8% of the class and are held with sole voting and dispositive power. As an IA filing that certifies holdings are in the ordinary course and not for control, the immediate market implication is transparency rather than an activist intent. Investors should note the combination of size and sole voting power as a factor in close corporate votes, while the filing’s certification tempers concerns about an attempted change in control.
TL;DR: Sole voting authority over a 6.8% stake gives meaningful voice at shareholder meetings, though the filer denies control intent.
From a governance perspective, the filing documents that Cooper Creek can unilaterally determine voting for a non-trivial block of shares, which can be decisive on contested or closely divided matters. The classification as an investment adviser and the certification that the stake is held in the ordinary course reduces the likelihood this is a coordinated takeover bid. The disclosure improves board and management visibility into significant ownership concentrations.