What activist were up to this week. Don’t forget to check out our premium activist investing strategy and sign up for our daily newsletter here.
- Barington Capital sent another letter to Eastern Co., where it was seeking getting two members elected to the board.
- Zoetis agreed with Pershing Square to put Paul Bisaro on the board.
- Lone Star Value Management sent a letter to Dakota Plains Holdings, urging the company to pursue strategic alternatives.
- Cannell Capital calls for shareholders to cast a “withhold vote” for all company backed directors of TheStreet board.
- Rosetta Stone put Nierenberg Investment Management founder David Nierenberg on its board after a three year long battle.
New campaigns –
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
- Praesidium Investment Management goes active on Quanex Building Products, with a 7.2% stake.
- Maguire Asset Management and a group of other shareholders went active on iPass with a 7.7% stake looking to get nominees on the board.
Ownership changes –
- Farallon Capital cut its stake in Hudson Pacific Properties by close to 60%. Now owning 4.1% of the company.
- Chieftain Capital upped its stake in Tempur Sealy marginally, but also reiterated that it’s been having discussions with management to overhaul the board. The fund owns 5.8% of the mattress company.
- Starboard Value upped its Integrated Silicon Solutions stake by 30% to 3.14mm shares. Now owning 9.9% of the company.
- Atlantic Investment Management dumped nearly 50% of its Oil States stake. The fund now owns just around 4% of the oil company.
Interesting activist reads around the web –
- Breaking Up Qualcomm May Be Hard to Do, WSJ
- Activist leads America’s biggest iron miner out of Ring of Fire, but not danger, Fortune
- Beware Betting Against Short Sellers, WSJ
- MGM Resorts Urged to Pursue REIT by Land & Buildings’ Litt, Bloomberg
- Director Ousted in Vail Resorts Board Dustup Speaks Out, MoneyBeat