News

Activist Investors

Activist Investors Nominate Nine Directors to Kohl Corp's Board

Kimberly Redmond | Equities.com |

A group of activist investors with a 9.5% stake in Kohl’s Corp is trying to gain control of the department store’s board as a way to turn around business and boost stock.
In a letter to shareholders Monday, the investors, which Macellum Advisors GP LLC, Ancora Holdings Inc, Legion Partners Asset Management LLC and 4010 Capital LLC, said they are pushing for changes due to market share losses, stagnating sales and shrinking profit margins over the past decade. (https://c...


JPMorgan Chase's Board Rejects Conversion to Public Benefit Corporation

Reuters | Equities.com |

JPMorgan Chase & Co CEO Jamie Dimon has led calls for companies to consider the needs of workers, communities and customers as well as those of shareholders.

But now it is clear: investors come first.

That is how activist investor John Harrington interprets a recent decision by JPMorgan’s board - chaired by Dimon - not to convert itself to a “public benefit corporation,” a Delaware legal structure gaining attention among would-be financial reformers.


Activist Investor Starboard Value Seeks Control of Corteva Board of Directors, Ouster of CEO

Kimberly Redmond | Equities.com |

Citing “a litany of missed promises and unforced errors,” Starboard Value LP is looking to take control of the board of directors at Corteva in a bid to replace the agricultural seed and chemical producer’s chief executive officer.

 

On Thursday, Starboard, one of Wall Street’s most well-known activist investment firms, published a letter from its Chief Executive Officer Jeffrey Smith calling for the ouster of Corteva’s Chief Exe...


Carl Icahn Sells Majority of Herbalife Nutrition Stake to Company for $600 Million, Cedes Board Seats

Reuters | Equities.com |

Activist investor Carl Icahn has sold more than half his stake in Herbalife Nutrition back to the company for $600 million at $48.05 a share and has given up the five seats on the firm’s board held by his representatives, Herbalife said in a statement.

Icahn had a 15.5% stake in Herbalife as of Sept. 30. The latest deal is expected to close by Jan. 7, after which Icahn Enterprises will hold about 8 million of Herbalife’s shares, representing a stake of about 6%, the statement added.

The Wall Street Journal reported on Sunday that in recent days Icahn had sold about 10% of his stake back to the multi-level marketing company, whose products include dietary supplements.


Activist Hedge Fund Third Point Pushes Intel To Explore Strategic Alternatives

Reuters | Equities.com |

Activist hedge fund Third Point LLC is pushing Intel Corp to explore strategic alternatives, including whether it should keep chip design and production under one roof, according to a letter it sent to the company’s chairman on Tuesday that was reviewed by Reuters.

Were it to gain traction, Third Point’s push for changes could lead to a major shakeup at Intel, which has been slow to respond to investor calls to outsource more of its manufacturing capacity. It could also lead to the unwinding of some of its acquisitions, such as the $16.7 billion purchase of programmable chip maker Altera in 2015.


Why Elliott Management Sold Its AT&T shares: Jeff Kagan

Jeff Kagan | Equities.com |

A year ago, Elliott Management bought AT&T stock and wanted to completely overhaul the company and its growth strategies by breaking everything up in order to increase their share value. Now, one year later, the fund manager sold its AT&T stock. So, let’s take a look at this potential disaster that was averted.


Elliott Management Exits AT&T Position After Waging Activist Battle Last Year

Reuters | Equities.com |

Elliott Management, which last year took a $3.2 billion stake in AT&T T.N and pushed the company to sell some assets, has itself exited the telecommunications and media company, according to a regulatory filing on Monday.

The New York-based hedge fund liquidated its investment when it sold 5 million shares during the quarter that ended Sept. 30. It had first bought into the stock during the third quarter 2019, according to another filing.

Investment companies are required to say what U.S. stocks they own at the end of each quarter. While these filings are made with a delay, they often shed light on investment trends that are closely watched by other investors.


Carl Icahn Raises Stake in Xerox to 14.4%, Months After Supporting Abandoned Bid for HP

Reuters | Equities.com |

Billionaire activist investor Carl Icahn raised his stake in U.S. printer maker Xerox Holdings Corp to about 14.4% as of Nov. 5, according to a filing here, months after he backed the company's abandoned takeover of personal computer maker HP Inc.

Xerox’s shares rose 3.4% in extended trading on the news.

Icahn, who last reported a stake of 12.9% in Xerox as of Sept. 9, had also built a sizable stake in HP around the time Xerox reached out to it for a merger.

HP Inc rebuffed Xerox’s initial offers and Xerox went hostile with its bid but ultimately gave up the pursuit in March due to the coronavirus pandemic.


EBay in Advanced Talks To Sell Classified Ads Business to Norway's Adevinta

Equities Staff | Equities.com |

EBay is in advanced discussions to sell its classified ads business segment to Norway-based Adevinta, which operates online marketplaces in 15 countries.

Citing sources familiar with the matter, The Wall Street Journal reported that a cash plus stock transaction could be announced as soon as Monday for "roughly $8 billion or more."

EBay, which once had brands such as PayPal and StubHub in its stable, has been gradually unwinding its conglomerate structure under pressure from activist investors who claimed it hid eBay's true value.


Occidental Petroleum's Bitter Feud with Carl Icahn Close to an End

Reuters | Equities.com |

If the settlement talks conclude successfully, Icahn associates Andrew Langham and Nicholas Graziano would get board seats.


Sponsored Financial Content

Market Movers