In late September 2016, Outerwall announced CEO Erik E. Scott Di Valerio, announced it would discontinue three new ventures: Redbox's Rubi, Crisp Market, and Star Studio, and lay off 8.5% of its workforce. The activist 13D filing indicated that JANA expected to talk with management-in particular, that they wanted to focus on "a review of strategic alternatives including exploring a strategic transaction, selling or discontinuing certain businesses, or pursuing a sale." Subsequently, on December 9, 2013, Outerwall's former CEO, J. On October 7, 2013, Barry Rosenstein's hedge fund JANA Partners filed a 13D on shares of Outerwall (OUTR) and disclosed a new 13.5% ownership stake in OUTR with 3,777,995 shares. On July 2, 2013, Outerwall acquired mobile phone recycling kiosk operators ecoATM, for $350 million (not including debt). On June 28, 2013, shareholders voted to change the company name from Coinstar to Outerwall. It was later delisted from the NASDAQ on September 27, 2016, after it was acquired as a private company by Apollo Global Management, who are its current onwer. On July 2, 2013, Coinstar changed its name to Outerwall and started trading on the NASDAQ as OUTR. Coinstar also produces machines that provide prepaid credit cards and e-payment kiosks. The company has more than 60,000 kiosks offering a variety of services in the US, UK, Ireland, Canada, Puerto Rico, and Mexico. Coinstar's kiosks are in the front of stores (between the cash registers and the exit/entrance). The company also operates Coinstar Exchange for gift cards. After the acquisition, former components of Outerwall, Redbox, Coinstar, and ecoATM (which includes Gazelle) became separate business entities.Ĭoinstar's focus is the conversion of loose change into paper currency, donations, and gift cards via coin counter kiosks which deduct a fee for conversion of coins to banknotes it processes $2.7 billion worth of coins annually as of 2019. On September 27, 2016, Apollo Global Management, LLC acquired Outerwall, Inc. Coinstar, LLC (formerly Outerwall, Inc.) is an American company operating coin-cashing machines.
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