Activist pledges, mid-week ramp up. See the top news and stories below for April 22. Tip drills via twitter at @activiststocks, sign up for the free daily activist email (notice the new setup), and ICYMI the latest newsletter is here.
- Jesse Cohn will be heading up a private equity buyout fund at Elliott Management. He’s been running Elliott’s activist efforts in the U.S. [BBG piece on the ordeal]
- West Face Capital officially went active on Gran Tierra Energy yesterday with a 9.8% stake. It’s looking to replace the CEO. We’re finally starting to see the long awaited activism in the oil space. More details to come on this later via activist strategy [you’ll have to email us or request a free trial here for that]
- ISS sided with H Partners yesterday in the case of activist versus struggling mattress maker. ISS thinks that three directors should be removed from the Tempur Sealy board, including the CEO. Tempur Sealy has some serious issues, but H Partners 100-page presentation the other week did little to suggest they’ve got a solid plan; ISS disagrees with us. H Partners has a big bet on Tempur in terms of portfolio concentration (see below). But also has Chieftain Capital and its near 6% on its side [other ISS takeaways here]
At this year's annual Robin Hood conference, which was held virtually, the founder of the world's largest hedge fund, Ray Dalio, talked about asset bubbles and how investors could detect as well as deal with bubbles in the marketplace. Q1 2021 hedge fund letters, conferences and more Dalio believes that by studying past market cycles Read More
- @stephengandel at Fortune covers the luchen that Peltz hosted for DuPont’s large shareholders. Key takeaway, “…the lunch attendees appeared to be on Trian’s side. All of the fund managers who Fortune approached at the meeting said they were either likely to vote with Trian or were leaning that way [link]