Activist Stocks: Ackman And AGN; MGM Fight, CHK, More

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Activist Stocks: Ackman And AGN; MGM Fight, CHK, More

Activist aficionados,

Below is a nice ream of news and couple stories. Send us tips via Twitter at @activiststocks or email, and sign up for our daily newsletter.

News:

ValueWalk’s October 2022 Hedge Fund Update: Haidar Capital Surges 225%

reports 1660232581Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring investors exit long-short hedge funds, the oil market is now "broken", and Haidar Capital surges 225%. Q2 2022 hedge fund letters, conferences and more

  • Carl Icahn has upped its stake in Chesapeake Energy from 66M shares to 73M, now owning a cool 11% of the oil and gas company. Shares are flat since Icahn filed its initial 13D.
  • MGM has rejected L&B’s nominations for the board, ultimately, setting up a proxy fight.
  • Callon Petroleum has made an agreement with Lone Star Value Management, saying that it will add an independent director to its 7-person board. The fund owns just over 5% of the small cap oil and gas company and has mentioned a potential sale of the company as a way to unlock value. Shares are down 36% since the start of July.
  • Mill Road Capital upped its stake in the $200M kitchenware company, Lifetime Brands, owning 982K shares — or 7.2% of the company. This is up from went it took its initial activist stake of 5% in December.
  • Blum Capital continues to sell off its Career Education position. Recently dumping 25% of its stake, now owning 4.475M shares — or 7% of the company. Blum first went active back in December 2006 when it bought 6.55M shares.
  • Edward Bramson has upped its stake in the UK private equity firm Electra to 27.6%.
  • OM Group has settled with FrontFour Capital, adding two of the three activist board candidates to its board. FrontFour nominated three directors in January.
  • Insperity settled with Starboard Value, backing the fund’s two nominees for its board. Starboard owns some 13% of the company and wants Insperity to sell itself.

Stories:

  • @howardstutz over at the Las Vegas Review Journal takes aim at L&B’s thesis of getting MGM to form a REIT. Specifically, “Several analysts and insiders aren’t sold on the notion that real estate investment trusts — where casinos are spun-off into a separate publicly traded company and leased by back to an operator — as being a good move for all gaming companies” [link]
  • @lizrhoffman over at the WSJ puts together a piece that adds some insight into the Bill Ackman and Allergan deal. On the deal, “The personalities, the tactics, the stakes – it felt, in some ways, like old times.” Adding to that, The outcome of pending securities litigation against Pershing Square and Valeant could discourage copycats, some said [link]

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