Blue Duck urges Snap to sell 20% of Specs at $5B valuation

Hedge fund Blue Duck Capital Partners has written to Snap's board urging it to sell about a fifth of its Specs subsidiary at a $5B valuation, raising $1B to fund roughly two years of spending without diluting Snap shareholders. It is the second fund to press Snap over Specs, which ships this autumn in the US, UK and France.

• Blue Duck proposes selling 20% of Specs at a $5B valuation to raise $1B
• The funds would cover about two years of the division's spending without diluting Snap shareholders
• Specs go on sale this autumn in the US, UK and France at $2,195
• Irenic Capital has pushed Snap to spin off or shut Specs, which has absorbed over $3.5B