Activist well-wisher, strong showing for a Tuesday. Here’s the news and stories for April 14. Hit us with tips at @activiststocks, sign up for our daily activist newsletter, and ICYMI the latest newsletter is here.
News:
- Children’s Place rejects the short slate of three directors (total board is eight members) that Barington Capital and Macellum Advisors (owning around 2% of the company) had put up. Barington sent a letter to the children’s clothing retailer last month, suggesting it could be a buyout candidate.
- Zoetis added its second director per an agreement with Bill Ackman. That director is the Actavis chair Paul Bisaro.
- Barington Capital reaches out to Eastern Co. again, mailing a letter and noting it plans to put up two nominees for the board. In the letter it also called for a strategic review of the company, pursue complementary acquisitions and improve corporate governance.
- Trian Partners made public its presentation on DuPont that it made at the 13D conference yesterday [link here]
- Praesidium Investment goes active on Quanex Building Products with a 7.2% stake.
Stories:
- @GlobeSteveSyre at the Boston Globe puts up a piece on the rise of corporate brass in activism. He gives some timeless advice, “Activist hedge funds aren’t going away, and many will continue to push bad ideas. But companies aren’t defenseless to resist them. The best strategy: Adopt good ideas from hedge fund managers and just say no to the rest.” Easy enough, eh [link]
- @turnergs over at the WSJ has an aesthetically pleasing piece about things to know related to the activist taking on the James Bond Studio. This is Crystal Amber’s second pass at Pinewood Studios. Of note, “The fund is up 49.5% since it listed in 2008 in London, according to its website” [link]
