In an open letter to Merlin chairman Sir John Sunderland, ValueAct chief investment officer Mason Morfit and partner Jake Welsh urged him to seek a buyer for the theme park and resort operator.
The pair said placing the business, which was floated on the London Stock Exchange in October 2013, in private ownership would maximise the underlying value of the company.
They added the investments the business was currently making would take time to pay dividends and that private ownership would be “better placed” to underwrite these investments.
