Activist fondlers, today is a bit better than yesterday. See the top news and stories below for April 21. Taking tips via the Twitter @activiststocks, sign up for the free daily activist email, and ICYMI the latest newsletter is here.
- C. Silk & Sons has joined Maguire Asset Management and other investors as an activist at iPass. The fund owns 5.8% of the company, converting its stake from passive to active yesterday. Noting, it supports Maguire in the belief that the board needs to be overhauled. It also said that the worldwide dependence on WiFi and rise of mobile devices makes iPass attractive.
- FrontFour Capital is taking on Legacy Oil & Gas, calling for an ousting of its CEO. The Canadian oil and gas company has been beaten down with other O&G companies, but more so with its sizable debt load. The company has been trying to unload assets, but to no avail.
- Activist funds raked in a cool $3.9 billion during 1Q15. Activists now have over $120B to play with, a double from what they had just three years ago. The unjustified exuberance is real.
This Tiger Cub Giant Is Betting On Banks And Tech Stocks In The Recovery
The first two months of the third quarter were the best months for D1 Capital Partners' public portfolio since inception, that's according to a copy of the firm's August update, which ValueWalk has been able to review. Q2 2020 hedge fund letters, conferences and more According to the update, D1's public portfolio returned 20.1% gross Read More
- @stephengandel pulls a card from the @CGasparino playbook, saying of the Nelson Peltz and Jeff Sonnenfeld battle, “Call it the battle of the big machers.” Charlie said of the battle, “Call it a fat cat, cat fight.” Gandel goes on to try and provide an overview of the Peltz-Sonnenfeld squabble. The key takeaway, “Peltz is looking for a way to “neutralize” Sonnenfeld. Sonnenfeld jokes that his wife has had him starting the car on his own recently.” The whole thing has gotten a little out of control, see here … [link to Charlie’s piece] [link to Peltz’s 13D performance] [link to Gandle piece]
- @activistinvestr joins the Peltz-Sonnenfeld fray, noting “Nelson Peltz has attracted abundant praise and criticism.” But the focus is on Peltz’s approach, rather than his performance. Of note, Peltz has historically focused on the following industries, consumer packaged goods, financial services, restaurants, and retail. “Dupont doesn’t really fit the industry profile” [link]