Activist shills, gonna be a light day today as there’s a grand DuPont celebration party at the Hotel du Pont over on 11th in Wilmington. Hosted by none other than @Bill_George and @JeffSonnenfeld. Don’t think @CGasparino will be joining us, he’s probably headed over to the Mackenzie Madison Ave. offices. Major activist stories and news for May 13 below. Taking taking leads at @activiststocks, daily newsletter sign up, ICYMI the latest newsletter is here.
- DuPont got the win in its proxy fight versus Trian Partners, getting all 12 of its board members elected. The retail investors and index funds really showed up here, going against ISS and Glass Lewis. DuPont got some help from academic marketing machines like @Bill_George[more on the academic marketing machine]
- Lawndale Capital is pushing Willbros Group to declassify its board. The @Lawndale1led activist owns 2.6% of the company [letter to the company]
David Einhorn Buys Three New Stocks: These Are The Names And Theses (Q3 Letter)
David Einhorn's Greenlight Capital funds returned 5.9% in the third quarter of 2020, compared to a gain of 8.9% for the S&P 500 in the same period. This year has been particularly challenging for value investors. Growth stocks have surged as value has struggled. For Greenlight, one of Wall Street's most established value-focused investment funds, Read More
Activism across the pond is heating up, per @inyhwang at Bloomberg. It’s a little Alliance-Elliott Management heavy, but the key takeaway is, “It may not always look and feel like the U.S. activist market, but we’re seeing more campaigns being led by European domestic investors” [link]