Activist Updates
Hedge funds and managers are building stakes, starting proxy battles, and taking profits. Here’s the latest in activist investor news.
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Activist fund Jana Partners has struck a deal with Bloomin’ Brands (NASDAQ: BLMN) on board seats. The two firms agreed to add two new independent directors to the restaurant company’s board. Bloomin is best known as the owner of Outback Steakhouse. The activist fund, which owns 9% of BLMN, has been pushing for changes to the board due to falling sales at the company.
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Elliott Management Tells Marathon Oil to “Split Into Three”
Paul Singer owned Elliott Management, an activist investor, sent a letter and presentation to Marathon Petroleum.
Elliott Management demanded of Marathon’s board that the company split into three separate businesses, thereby unlocking value worth $22 billion.
Activist Investors Push Out eBay CEO Devin Wenig
CEO cites disagreements with his board as activist pressures intensify Activist investors have pushed out CEO Devin Wenig. In a Tweet marked Wednesday, Wenig cited disagreements with fellow board members over the company’s future. “In the past few weeks it became clear that I was not on the same page as my new Board,” he…
Elliott Management Bulking Up on Cash
Paul Singer’s Elliott Management, fearing a market meltdown, is raising fresh money from investors.
The activist investor could raise a war chest of $5 billion, according to an investor.
Sony Rejects Loeb’s Proposal to Spin Off the Semiconductor Business
Sony rejects Loeb’s proposal to spin off the semiconductor business.
President and CEO Kenichiro Yoshida wrote to shareholders today saying the company intended to retain the business
Backed by the full Sony board, Yoshida said in the letter that “retaining the semiconductor business is the best strategy for enhancing Sony’s corporate value over the long term.”
AT&T Gets Heat from Billionaire Activist
Hedge Fund Elliott Management writes to ATT on how to “realize a historic increase in value” for its shareholders
Billionaire Paul Singer owns Elliott Management. It revealed in its letter yesterday to telecom conglomerate AT&T that it owned $3.2 billion of the latter’s stock. Elliott’s open letter claimed that AT&T could boost its share price to $60+ by 2021 through “readily achievable initiatives.”
Jana Partners May Push for Bloomin’ Brands to Sell
Activist fund discloses new stake in Outback Steakhouse Owners Jana Partners disclosed a 9% stake in Bloomin Brands (NASDAQ: BLMN) on Friday. Barry Rosenstein’s shop is one of the most prominent activist hedge funds in the business. Don’t be surprised to see them push for new changes, including a sale of assets in the near…