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    1. Berkshire Violated Its Own Board Independence Rules

      Berkshire Violated Its Own Board Independence Rules

      On March 15, 2019, Berkshire Hathaway (BRK.A and BRK.B) disclosed that Walter Scott, Jr., an independent member of the board of directors and up for re-election, and also the Chairman of the Governance Committee, which reviews the independence of directors at Berkshire as well as...

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    2. Taubman Centers Nominates Michelle Goldberg for Board

      Taubman Centers Nominates Michelle Goldberg for Board

      Taubman Centers' (NYSE:TCO) board nominates Michelle J. Goldberg for election to the board at the 2019 annual meeting of shareholders. Goldberg, a partner at Ignition Partners and a venture partner at SoGal Ventures, has technology, investment, retail disruption, finance, and digital media expertise as well as board experience...

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    3. General Electric: A Financially Absent Board

      General Electric: A Financially Absent Board

      General Electric (GE) shareholders have or will soon begin seeing the company’s annual report and proxy statement appear in their mailboxes. The company’s financial travails – which have been extensively discussed in this forum as well as across the financial press – will of course be reflected in the company’s reported results...

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    4. Caesars And Eldorado Resorts: Two Is Better Than One

      Caesars And Eldorado Resorts: Two Is Better Than One

      There are reports that casino operators Eldorado Resorts ( ERI ) and Caesars Entertainment ( CZR ) are under initial discussions to explore merger possibilities. Noted activist investor Carl Icahn & Co. has increased his stake in CZR and is currently pushing for the sale of the company. CZR has provided limited financial information to ERI to commence the due diligence process...

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    5. Texas Pacific Land Trust Tries to Fend Off Activist Investor, Delays Meeting

      Texas Pacific Land Trust Tries to Fend Off Activist Investor, Delays Meeting

      Texas Pacific Land Trust (NYSE: TPL ) says it will postpone by two weeks until May 22 the date of a special meeting where shareholders will vote to fill an open trustee spot, taking a step to fight off a large investor seeking to install its own trustee and begin selling off TPL's portfolio. TPL wants shareholders elect an independent trustee, while ~23% owner Horizon Kinetics and its partners say they will seek to nominate Eric Oliver, president of the SoftVest hedge fund...

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    6. Starboard "looking into" Hedge Fund Tactic to Tip Vote in Favor of Bristol-Myers/Celgene Tie-Up

      Starboard "looking into" Hedge Fund Tactic to Tip Vote in Favor of Bristol-Myers/Celgene Tie-Up

      Activist investor Starboard Value, an opponent of Bristol-Myers Squibb's ( BMY -0.5% ) $74B takeout of Celgene ( CELG -0.1% ), is investigating whether hedge funds are using a controversial stock-trading tactic to sway the vote in favor of the deal, turning their long positions in Celgene into big winners. The tactic, called "empty voting," involves buying shares strictly for voting purposes, then selling them afterward. Dan Loeb's Third Point and D.E...

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    7. Yelp Hires Evercore to Defend Against Activist Push

      Yelp Hires Evercore to Defend Against Activist Push

      Yelp ( YELP +0.4% ) has hired Evercore to defend against a push by activist shareholder SQN , which has urged a look at strategic alternatives including a potential sale, CNBC reports. SQN said last month that implementing its recommendations could result in a stock price of $55-$65, and an immediate sale to private equity would draw $47-$50/share, or higher with strategic bidders. The shares were at $35.66 then, and are at $37.53 now...

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    8. Bristow's Deal for Columbia Helicopters Opposed by Activist Investor

      Bristow's Deal for Columbia Helicopters Opposed by Activist Investor

      Bristow ( BRS -3.4% ) is lower after activist investor Global Value Investment comes out against the proposed financing of the company's planned acquisition of Columbia Helicopters. Under the proposed financing, Global Value estimates that 33M-33.5M BRS shares would be issued in order to consummate the acquisition, representing a 93% dilution...

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    9. Eddie Lampert's Biggest Failure: Sears Holding Company

      Eddie Lampert's Biggest Failure: Sears Holding Company

      Eddie Lampert was “The Next Warren Buffett” back in 2006. Now, he is the chairman and former CEO of Sears, a company attempting to claw its way back from the retail ashes. How did Lampert, an activist investor, go from creating the "next Berkshire Hathaway" to throwing money into the fire that he created of a former retail giant? Was it systematic, the unavoidable failure of retail?...

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    10. Patients Versus Shareholders

      Patients Versus Shareholders

      Regulation and state intervention in the economy has a bad rap in the US. The Trump government claims that its deregulation drive (mostly in the environmental and financial spheres), is at least partly responsible for the economic miracle. The other day, Trump wrote an op-ed in US Today warning against regulation and state meddling in healthcare, more specifically plans from the Democrats involving extending Medicare to all US citizens...

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      Mentions: Mylan crisis Harvard
    11. Ackman's Back; Time To Back Ackman Via Pershing Square Holdings

      Ackman's Back; Time To Back Ackman Via Pershing Square Holdings

      When celebrity hedge fund manager Bill Ackman appeared on the cover of Forbes in May 2015 as "Baby Buffett" (above), in retrospect it marked his " Sports Illustrated Curse " moment. Over the past three years, Ackman's perfect billionaire life has seemingly imploded, marred by a huge ($1 billion) short bet gone awry...

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    12. Taubman Centers Holders Elect Activist Investor Jonathan Litt to Board

      Taubman Centers Holders Elect Activist Investor Jonathan Litt to Board

      Taubman Centers ( TCO -0.6% ) says shareholders elected TCO director nominees Mayree Clark, and Michael Embler, as well as activist investor Jonathan Litt, who runs hedge fund Land & Buildings Investment Management. The preliminary vote count also indicates that shareholders rejected Land & Buildings' non-binding proposal regarding the company's capital and voting structure...

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    13. Halliburton Shareholders Vote Down Executive Compensation plan - Halliburton Company HAL)

      Halliburton Shareholders Vote Down Executive Compensation plan - Halliburton Company HAL)

      Halliburton ( HAL ) shareholders have voted against the company’s executive compensation for the first time. HAL says it is disappointed by the non-binding vote as executive retention is especially important during a CEO transition period, noting that other oilfield services companies have tended to aggressively recruit its executives for their own leadership teams; HAL says more than 25 of its former executives left the company to become senior execs at similar companies...

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    14. Ackman Backs Push to Split United Technologies Into Three Parts

      Ackman Backs Push to Split United Technologies Into Three Parts

      United Technologies ( UTX -0.4% ) is trading at a hefty discount and the company's businesses would thrive as three standalone companies , Bill Ackman says in arguments that back the case made last week by activist shareholder Third Point. UTX is “one of the last remaining conglomerates,” Ackman says...

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    15. Why ValueAct Pounced On Citigroup (NYSE:C)

      Why ValueAct Pounced On Citigroup (NYSE:C)

      ValueAct, a successful activist fund, has built a $1.2 billion stake in Citigroup ( C ). According to the WSJ it suggested Citigroup could boost its buyback plan from $40 to $50 billion. With a market cap of $185 billion that's a large percentage of stock to take out. Buyback programs of this relative size are rare. ValueAct seems to favor Citigroup for its old-fashioned treasury management for global businesses which is making it an important global money center bank...

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    16. Mondelez To Acquire Tate's Bake Shop For Premium Cookies

      Mondelez To Acquire Tate's Bake Shop For Premium Cookies

      Quick Take Mondelez International ( MDLZ ) has announced an agreement to acquire Tate’s Bake Shop for approximately $500 million. Tate’s has developed proprietary ‘thin-and-crispy’ cookies and other baked goods. MDLZ is acquiring Tate’s to launch a premium cookie segment and views Tate’s as having a ‘strong founder story’ while it has ‘cultivated a devoted consumer following across the country.’ Management will need to increase its pace to refresh its aging portfolio of brands if it wants to regain market share and mindshare. Target Company Long Island, New York-based Tate’s was founded in 2000 by Kathleen King ...

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