This Week In Activism: Gran Tierra Energy; Casella Waste; Wesco

This Week In Activism: Gran Tierra Energy; Casella Waste; Wesco by Stock Pucker

The Sohn conference today and SALT conference tomorrow has us on our heels this week. Thus, we’re a little late with TWIA this week – and it’s a little light by past standards.



Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More

  • Silk & Sons has joined the “iPass Shareholders for Change” in its activist stance against iPass. It changed its 5.8% stake from passive to active. More here.
  • Mangrove Partners owns 7.5% of Atlantic Power and is pushing the company to split itself up, but will settle for capital returns – i.e. special dividend.
  • Sarissa Capital got the CEO and founder of Ariad Pharma ousted. He’d been there for 25 years. Sarissa will be leading the search committee for a new member.
  • Starboard Value got a win at LSB Industries, adding 5 members to the board. LSB also said it was exploring options for putting its climate control business in an MLP.
  • Macellum and Barington Capital put together a presentation on Children’s Place. They own just 2% of the company, but think the retailer could get sold give the valuation.

New campaigns

  • West Face Capital went active on Gran Tierra Energy with a 9.8% stake. More on our thoughts here. We also have the presentation that West Face put together – email us if interested since they’re trying to keep it out of mass circulation.
  • JCP Investment is now active at Casella Waste with a 5% stake. They’re pushing for #corpgov changes, including addressing the dual class structure. Our thoughts.
  • Atlantic Investment went active on Wesco, the industrial supply company. It owns just over 5% and hasn’t laid out any plans capital allocation is the likely focus. More from us.

Interesting activist reads around the web—

  • Lipton’s latest on Activism: Maybe you should settle, WSJ
  • Bigger activist get bigger results, Reuters
  • Activist rattle the cages of 19 big companies, USA Today
  • Jana Partners’ Barry R. has a different take on BlackRock’s activist diss, NY Times

Most read posts from stockpucker this week—

In case you missed our last activist update, here it is.

Have feedback, or questions about certain activist campaigns, email us at [email protected] Or drop us a line if there’s a campaign you want us to cover.

Until next week—stockpucker.