Under Armour, Inc. (UA)

For minority shareholders, there is one other interesting angle worth considering. This was mentioned towards the end of the Trata call, but there could be some logic to a take private at UA. Plank owns a big stake in the company, most companies don’t like to do turnarounds in public, and there’s a lot of private equity money out there. Could a take private happen here? Absolutely possible. In particular, I’d note Fairfax has a lot of financial resources and a history of taking businesses private, particularly when they like the management team (they’re in the middle of a take private right now7!). IDK how Fairfax feels about Kevin Plank, but he does kind of seem like the type of executive Prem likes / would back. Could Fairfax look to support a UA take private? Or could UA just run a process and have a private equity firm back a private? Either seems absolutely possible, and would likely result in a windfall for minority shareholders (a windfall that I think the take private sponsors would ultimately rue!).