Activist Investors Are Everywhere by Activist Stocks

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Activist Investors – Stake changes

Sumner Redstone

News

  • The JCP activist target, CST Brands, is still not actively seeking a sale of the company. Our deep dive from Jan. [link]
  • Word is that BassPro is getting together with Goldman Sachs to put together a bid for Cabela’s – the Elliott Management target.
  • Coverage of the 13D Monitor Active-Passive event in New York [link]
  • Activist Blue Harbour’s Cliff Robbins talks at the 13D Monitor conference, talks up AGCO. Says poised to benefit from stronger margins and an eventual rebound in agricultural spending. They own 8%. Robbins says – AGCO is strongest in the stable European farming equipment market, has growth potential in Brazil, and also owns 24 percent of Indian tractor company Tafe Motors and Tractors Ltd.
  • Jeff Smith of Starboard Value on Yahoo: “If we get to the end, and they haven’t been successful as it relates to getting the company sold — the core business sold — well we’re going to need to pick up the pieces.” The proxy battle moves forward. Dec. notes on the Yahoo battle and why we’ve been bearish [link]
  • Voce Capital takes FBR, which it owns 5.2% of and been activist since Jul. 2015, to task over transparency and the need for corporate governance change. Initial thoughts on FBR from last year [link]

Catalyst watchlist

  • Viacom and Dish Network might not be renewing their deal. Our feature on warming up to media activism [link]

Stories

  • Goldman: Everyone’s an activist these days [link] The growth of activist AUM over the past seven to eight years has essentially created its own asset class. Although the market’s returns have contributed to that growth, a meaningful amount of the AUM has come from new capital pursuing activist strategies. This growth has permeated the asset management industry, and we estimate that activist funds are currently invested in at least 25 percent of the number of companies in the S&P 500 Index, comprising over 40 percent of its market capitalization.“

Other good reads

  • PulteGroup feud not deterring investors [link]
  • Green Dot Files Definitive Proxy Statement and Sends Letter to Shareholders [link] Our own deep dive into Green Dot [link]
  • Carl Icahn Protege’s Big Energy Deal Win Is Now a Major Loss [link]
  • Blue Harbour’s Robbins dishes: What I look for in a CEO [link]

Read up on shareholder activism

Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations [link]

Activist Investors Are Everywhere - Cannell Capital Now Owns 7% Of Evine

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