Activist Stocks: Dupont, Spectrum; Ashland; CDK Global; iPass

Activist Stocks: Dupont, Spectrum; Ashland; CDK Global; iPass

Activist temptresses, better than Monday, with major activist stories and news for May 12 below. Taking taking leads at @activiststocks, daily newsletter sign up, ICYMI the latest newsletter is here.

News –

  • Armistice Capital has gone active on Spectrum Pharma with a 5.4% stake [letter here]
  • Elliott Management is now active at CDK Global owning 4% of the company and has exposure to another 3.6% via a derivatives agreement. The fund joins Sachem Headand Fir Tree, who are both activists there.
  • Jana Partners has sold all of its Ashland stake. The fund went active in April of 2013, with shares up 60% since then. Jana had owned 8.7% of the company, but the position wasn’t one of its top 5.
  • Maguire Asset Management and its shareholders for change group has upped its stake in iPass by over 15%, now owning 9% of the company. They’re pushing the companyto better define their WiFi strategy to regain investor confidence.
  • Blue Clay Capital abandoned its proxy battle versus Select Comfort today, following the news from yesterday that ISS and Glass Lewis were opposing the activist’s dissident director candidates.

Stories –

Reddit Co-Founder Ohanian Explains Why Venture Capitalists Should Invest In Founders

RedditWhen venture capitalists are looking for companies to invest in, the founders should be one of their focuses. Founders drive the engine of a company, so Reddit Co-founder Alexis Ohanian feels it's essential to invest in their wellbeing alongside their business. Q3 2021 hedge fund letters, conferences and more At the Wall Street Journal's Techlive Read More

  • Getting tougher and tougher to find compelling stories, so again today, it’s all about DuPont. @stephengandelat Fortune defends Ellen Kullman in a piece that goes beyond DuPont’s stock price to look at Kullman’s ability to generate returns on invested capital. It’s a thought-provoking piece and worth a read if you don’t understand DuPont’s business [link]

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