Activist Weekly: Novatel, Solar City, Axiall, Agrium, Wendy’s by Stock Pucker
The weekly email has turned more into a bi-weekly piece. We’ve been busy, so excuse the delay.
This Week In Activism Vol. 19
News—
- Maguire Asset upped its stake in Novatel, now owning 6.7%.
- Draper Associates continues to reduce its stake in Solar City, taking its stake below 8%.
- Relational has reduced its stake in Magnum Hunter Resources to 10.5%, from the 16% it owned when it went active about a year ago.
- Train Partners begins the planned sale of its Wendy’s stake, now owning 21.95% – down from 24.6%.
- Franklin Resources ups its Axiall stake to 7.4%.
- ValueAct boosts its stake in activist target Agrium to 6.8%.
New campaigns—
- Roumell Asset Management joins a gaggle of other activists involved in Rosetta stone, owning 5.5% (Nirenberg’s thoughts on $RST)
- Wexford Capital joins LionEye Capital and a couple other activists in Famous Dave’s. Wexford owns 19%.
- Blue Harbour is now active at AGCO after upping its stake. It owns 5.3% of the ag company.
- Jana Partners has targeted ConAgra, with a 7.4% stake. It is prepared for a proxy battle. The biggest issue that Jana has is the poor execution following the Ralcorp purchase in 2013 – note that other activist fund Corvex Management was a big reason ConAgra did the Ralcorp buyout.
Most read posts from stockpucker this week—
- Another Look At Nelson Peltz’s Next Activist Target
- JANA Partners Strikes Again
- Broadfin Capital Continues To Tap The Small Cap Pharma Space
- Japan Activism: Sohn Conference edition
In case you missed our last activist update, here it is from the other week.
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. Full disclosure: We don’t own any of the stocks mentioned.
Until next week-stockpucker
