Akzo Nobel, the Dutch paint and chemicals company, said on Wednesday that it had reached a truce with Elliott Management, ending a dispute that had been the latest example of an activist investor looking to reshape a major business.
Part of Saks Fifth Avenue’s Manhattan flagship store could be turned into luxury condominiums if one activist investor has his way. Jonathan Litt, who runs the hedge fund Land and Buildings, wrote a letter to Canadian retail giant Hudson’s Bay Company’s board Monday urging it to consider new directors, taking the public company private and selling off its subsidiary Saks Fifth Avenue, Bloomberg reported. A Saks sale could also allow the company to turn the […]
Sandell Asset Management Corp., the sometimes-activist hedge fund, is urging Barnes & Noble Inc. to explore a sale amid a hostile environment for retailers. The New York-based hedge fund said it has built a “meaningful position” in Barnes & Noble, in a letter to the bookseller’s board on Tuesday. Sandell said the company should explore a sale, which could fetch more than $12 a share, or a 69 percent premium over where shares closed on Monday. “Stakeholders would be better served if Barnes & Noble were operated as a private company or as a division within a larger company, which...
The favored targets of activists, said corporate attorney David Katz, at Wachtell, Lipton, Rosen & Katz, are "companies that have a lot of cash that haven't been returned to shareholders."
Zach George and his fellow pirates used to talk tough to CEOs. Their battle cry: “Surrender the Booty!” That was more than a decade ago, when George, then in his 20s, was helping Pirate Capital LLC keelhaul companies that didn’t make investors enough money. Flaunting its motto, Pirate Capital swashbuckled its way to a fortune -- that is, until it foundered. Today George, 39, is still agitating for corporate change, now at his own hedge fund, FrontFour Capital Group. But the pirate of old seems less combative with age, at least when it comes to his father. FrontFour has held...
Amazon’s surprise $13.7 billion bid for Whole Foods Market on Friday sent the grocer’s stock up 29% to $42.68 and represents a potential $300 million payday for Barry Rosenstein’s activist hedge fund JANA Partners should it go through.
Greenlight Capital just hit a red light at the General Motors shareholder meeting. Billionaire David Einhorn’s activist hedge fund had been pushing investors to vote three of his nominees to the Detroit-based auto giant’s board as well as entertain a dual-class share structure. But shareholders were having none of it at the company’s annual meeting...
Activist investor Daniel Loeb's Third Point LLC said Dow Chemical and DuPont could create US$20 billion in additional shareholder value by tweaking their plan to split into three companies following the merger.
Specialty metals company Arconic said it would allow Elliott Management Corp to nominate three members to the company's board, ending a proxy contest with the activist investor.
<p>Nine out of 10 hedge fund strategies tracked by Preqin posted positive return in April. with the Preqin All-Strategies Hedge Fund benchmark posting a gain of 0.76% in April, its sixth consecutive month of positive performance. All other leading hedge strategies made gains as well, and the 12-month performance for hedge funds now stands at 10.67%. Preqin also reported that Macro strategies funds suffered their second consecutive month of losses, and are up by 0.87% year-to-date. The top performing strategy so far in 2017 is Activist (up 4.9%) followed by Discretionary (up 4.6%).</p>