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Activist investor targets Noble Roman’s

Privet Fund calls for changes at the Indianapolis pizza chain

An activist investor has taken an interest in Noble Roman’s Inc., saying that the quiet, 2,000-unit pizza concept is not fulfilling its potential, and that it would be better off being sold.

Privet Fund, Noble Roman’s largest outside shareholder, with more than 14 percent of the company’s stock, recently intensified its push for changes with a pair of letters addressed to the board. Both the letters urged the Indianapolis company to explore a possible sale.

“Our patien

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