Finding Value In Large Caps

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Activist news for Apr. 27. Feel free to drop me a line with feedback on ideas you’d like. If you want this in your inbox each morning, please sign up here.

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  • Former Perrigo CEO Joseph Papa named CEO of Valeant Pharmaceuticals. Papa will replace CEO Michael Pearson.
  • Depomed says that Starboard Value has 30 days to request for a special shareholder meeting to discuss the activist investor’s demand to replace Depomed’s board Starboard is already the owner of 9.9 percent of Depomed shares and only requires the support of an additional 0.1 percent to be able to request the meeting.
  • Taseko Mines announced that ISS recommended the company’s shareholders vote against all proposals made by activist Raging River Capital.
  • YuMe sends letter to shareholders urging them to support YUME’s independent director nominees Derek Harrar and Craig Forman with their votes. Viex Capital is the activist waging a proxy battle.
  • Land & Buildings now pushing Boyd Gaming to pursue a REIT IPO. Says a REIT IPO similar to MGM Growth Properties’ would result in a 60% upside in the shares. Says expects Boyd’s management to “provide an update on its REIT evaluation” on earnings cal. Owns a 0.6% stake.

Catalyst watchlist

  • Alibaba showing interest in taking over (or at least investing in) Yelp?
  • Blackstone looking to takeover Amaya after boosting stake?


  • Manager Monday: Jana Partners [link] A true testament to JANA’s track record has been its ability to thrive in a new ecosystem, that ecosystem being the Large and Mega Cap realm. We’ve also identified that some of the headline-grabbing activist positions have weighed, at least temporarily, on performance.



Barry Rosenstein, Jana Partners founder

Other good reads

  • The Gannett-Tribune offer: No one knows what a newspaper is worth anymore [link]
  • For Comerica and other companies, ‘the heat is on’ from activist investors [link]
  • Biglari Holdings 2016 Annual Meeting Notes – Initial Thoughts [link]

Read up on shareholder activism

  • The Proven Framework for Finding the Best Value Investments [link]

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