We combed through thousands of pages of documents — proxy statements, annual reports, news accounts — and interviewed dozens
of shareholder activists, investment groups and corporate governance experts over the last four months.
We combed through thousands of pages of documents — proxy statements, annual reports, news accounts — and interviewed dozens
of shareholder activists, investment groups and corporate governance experts over the last four months.
Contrary to the claims
of shareholder activists, political spending disclosure can harm companies in a variety of ways.
Not exact matches
A report from
activist shareholder Spring Owl Investments that called for Dauman's removal due to the underperformance
of the stock seemed like it was shouting into the wind.
The appointment
of Dauman is also like waving a red flag in front
of Viacom's critics — including
activist shareholders such as Mario Gabelli and SpringOwl Asset Management.
MILAN, April 23 - A judge ruled in favor
of an appeal by Telecom Italia and its leading investor Vivendi to block a vote on some board director replacements proposed by
activist fund Elliott at an April 24
shareholders meeting, a court document showed.
Xerox said its CEO and most
of its board will step down to settle a suit by
activist shareholders Carl Icahn and Darwin Deason.
We envy them all and want to emulate them but know that they are just people dealing with struggles
of a different magnitude from the pressures
of going public, the pressures
of pricing competition, the pressures
of over-reaching
of journalists and regulators and the pressures
of activist public
shareholders with short - term expectations.
The comment is oddly elliptical and passive given that Pessina is a
shareholder controlling 13 %
of the company's stock, with allies KKR and
activist fund JANA Partners holding sway over another 4.7 % and 1.1 %, respectively.
Activist investor Carl Icahn says he will nominate four people to join the board
of Xerox at the annual
shareholder meeting next year.
Whole Foods hired the advisory firm Evercore Partners earlier this year to defend itself from pressure by
activist shareholder Jana Partners, which announced in April it had amassed an 8.3 percent stake and pushed for changes to the Whole Foods board
of directors.
Boards are empowered to protect
shareholders, but many have become sympathetic to
activists because they believe directors are subject to conflicts
of interest.
Last month, Dimon prevailed at the bank's annual meeting when only 32 percent
of shareholders voted in favor
of a proposal — backed by
activist groups after the «London Whale» trading losses — to strip him
of the chairmanship.
This is exactly the opportunity the
activists are availing themselves
of by contacting blocks
of shareholders to exchange views on underperforming companies and collaborating on remedies.
Boards are empowered to protect
shareholders, but many
shareholders have become sympathetic to
activists because they believe the system has inherent conflicts
of interest; that directors are more interested in collecting paychecks and preserving their status quo than in exercising their fiduciary duty to
shareholders.
Hall's firm has helped some
of the business world's highest - profile companies and
activists through raucous
shareholder disputes, even representing Pershing Square Capital in its epic battle to install Hunter Harrison at CP.
A tech - savvy and surefooted negotiator, Cohn has since led more than 30
shareholder campaigns against the likes
of Compuware, BMC Software, and lately EMC, becoming one
of the most powerful and effective
activists in the finance industry.
Nooyi, only the fifth person to run PepsiCo and a dark - horse choice — a woman, a foreigner, a onetime strategy consultant — has outlasted all but one
of her predecessors and, at least for now, a powerful
shareholder activist.
MILAN, April 23 (Reuters)- A judge ruled in favor
of an appeal by Telecom Italia (TIM) and its leading investor Vivendi to block a vote on some board director replacements proposed by
activist fund Elliott at an April 24
shareholders meeting, a court document showed.
That put him on the opposite side
of the table from
activist investor Carl Icahn, who turned into Herbalife's largest
shareholder even as Ackman mounted a campaign against the company.
How
shareholders will vote — either with DuPont or its rival,
activist hedge fund Trian Fund Management — will come down to how well they believe DuPont has performed under Kullman, who got the job at the start
of 2009.
April 24 (Reuters)- U.S. supermarket operator Supervalu Inc said on Tuesday it would sell eight
of its distribution centers to an undisclosed buyer for about $ 483 million following pressure from
activist shareholders, sending its shares up 3 percent.
Activist investor Carl Icahn, the second largest Dell
shareholder behind Michael Dell, and Southeastern Asset Management have joined forces to halt the deal by making an offer
of their own.
The decision comes as
activist fund Elliott, which has built a potential holding
of 5.7 percent in the former phone monopoly, has challenged the way TIM's biggest
shareholder, France's Vivendi, manages the group.
In Italy, Telecom Italia chief Amos Genish said that his position in the firm would be «untenable» if
activist fund Elliott gets the majority
of the board seats during a
shareholder vote Friday, Reuters reported.
She recommends approaching
activists and their arguments with openness and considering it in the context
of what's best for
shareholders.
Camber Capital Management, a hedge fund with an
activist history, has purchased 5.7 million shares
of Tenet Healthcare Corp., or a 5.7 % stake in the money - losing hospital chain.The emergence
of Camber was disclosed Monday, just three days after Tenet's largest
shareholder, Glenview Capital Management, resigned two Tenet board seats, citing irreconcilable differences with management and the board.Glenview Capital, which owns an 18 % stake in Tenet, gave notice Friday that it would no longer participate in a stand - still agreement that had prevented it from launching a proxy fight for control
of the company.Tenet investors welcomed the Camber disclosure Monday, driving up Tenet's stock price to $ 2.18, or 15 %, to $ 16.63 as
of 12:30 p.m. ET.Tenet is the nation's third - largest investor - owned
Tags:
Activist Shareholders, Bank
of America, Banks, Citigroup, Countrywide, Ken Lewis, Merrill Lynch, Treasury, Vikram Pandit
Shareholder democracy
activists should not get carried away by the arrival
of proxy access proposals north
of the border, according to a Toronto lawyer.
So increasing focus on
shareholder - friendly corporate governance, the rising clout
of activist investors and the robust market for corporate control are all manifestations
of the fact that
shareholders want big companies to give them back their cash, and that companies are increasingly willing to do so.
This DealBook article about the new alliances between
activist hedge funds and long - only institutional
shareholders is full
of enjoyable oddities; here is my favorite part:
After all, Apple is not the first company to make decisions with the goal
of anticipating
activists, and Icahn was not the first
activist to push Apple to return capital to
shareholders.
April 7, 2016 - Climate Change 2016: As Proxy Season Arrives,
Shareholder Activists File Record Number
Of Environmental Resolutions - International Business Times
NEW YORK / TOKYO (Reuters)- Xerox Corp (XRX.N) said its CEO and most
of its board will step down to settle a suit by
activist shareholders Carl Icahn and Darwin Deason, handing over to new management which will reconsider a contentious deal with Fujifilm Holdings (4901.
3 But if you subscribe to the simple
activist -
shareholder model, in which
activists (1) identify underperforming companies, (2) buy up those companies» (cheap) stock, (3) push the companies to improve, and then (4) reap (a portion
of) the rewards
of that improvement, what do you think about this development?
The last
of them, Scott Thompson, resigned in disgrace after five months when a large
activist shareholder, Dan Loeb, published an open letter accusing him
of fabricating a computer - science degree.
On the eve
of a special
shareholders» meeting last May by Taseko Mines Ltd. (TSX: TKO),
activist shareholder Raging River Capital LP threw in the towel.
A stake purchase by the
activist investor could add friction in a potential merger
of the $ 53 bln software company with its controlling
shareholder Dell.
But the new world
of an
activist (or three) in every stock, and passive -
shareholder support for and use
of activists, makes these issues a lot more practically relevant.
I knew,
of course, that Icahn was an «
activist shareholder,» but I had no idea why he might be calling.
In the fall
of 2014, the hedge fund
activist and Allergan
shareholder Bill Ackman became increasingly frustrated with Allergan's board
of directors.
Activist investor Nelson Peltz holds a $ 1.6 billion stake in DD and believes a breakup
of the company will unlock
shareholder value.
NEW YORK / TOKYO Xerox Corp said its CEO and most
of its board will step down to settle a suit by
activist shareholders Carl Icahn and Darwin Deason, handing over to new management which will reconsider a contentious deal with Fujifilm Holdings.
«Despite the continued support
of attacks by
activist hedge funds by the Chair
of the SEC, and many «Chicago school» academics who continue to rely on discredited statistics, there is growing recognition by institutional investors and prominent «new school» economists
of the threat to corporations and their
shareholders and to the economy
of these attacks -LSB-...]
Despite the fact that the majority
of shareholders oppose the
activist shareholder proposals, because
of the current regulatory regime, public companies must dedicate time, and money to defend against them.
The attempted raids on McDonalds and other companies in recent years provide object lessons in this destructive financial policy
of «
shareholder activists.»
The phenomenon is the result
of several converging forces: pressure from
activist shareholders; executive compensation programs that tie pay to per - share earnings and share prices that buybacks can boost; increased global competition; and fear
of making long - term bets on products and services that may not pay off.
I certainly favor significantly increasing the ownership threshold, but I also believe that the rule needs substantive changes to prevent
activists from meddling in matters that are appropriately the responsibility
of the board and management rather than
shareholders.
Among the topics on the agenda: the evolution
of shareholder activism and research findings about activist funds» returns, the amended Shareholder Rights Directive (EU) 2017/828, litigation and its effectiveness as tool for activist investors, and what can an issuer do to adequately address activists» new
shareholder activism and research findings about
activist funds» returns, the amended
Shareholder Rights Directive (EU) 2017/828, litigation and its effectiveness as tool for activist investors, and what can an issuer do to adequately address activists» new
Shareholder Rights Directive (EU) 2017/828, litigation and its effectiveness as tool for
activist investors, and what can an issuer do to adequately address
activists» new challenges.
These costs include bankers» and lawyers» fees, the risk
of class - action litigation, the need to reveal commercially sensitive information that could benefit rivals, and the prospect
of fights with corporate raiders who want juicier returns for
shareholders and social
activists who want executives to pay heed to their values.