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☆ Activist Jana Partners calls for a strategic review at Wolfspeed. Here’s how it may develop
▼ + stars: | 2024-04-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Activist Commentary: Jana is a very experienced activist investor founded in 2001 by Barry Rosenstein. Wolfspeed is the world's leading producer of silicon carbide, or SiC, and a manufacturer of silicon carbide applications. Jana also recommends that the board commences a review of strategic alternatives, including a possible sale of the company. At Freshpet, Jana also made operational and capital allocation recommendations in addition to reviewing a sale of the company. Here, there has been no such mention of a "Jana Dream Team," but it is a little too early for that.

Persons: Jana, Barry Rosenstein, Rosenstein, John Palmour, Wolfspeed, Renesas, Ken Squire Organizations: John Palmour Manufacturing, Silicon Carbide, Mitsubishi Electric, 13D Locations: Siler City, N.C, Marcy, N.Y, North Carolina, Mohawk, New York, Germany, Freshpet

☆ Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.

Persons: Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing Organizations: JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble Locations: New York City, U.S, Mohawk Valley, Siler City, Freshpet ,

☆ Trimble to buy back $800 million worth of shares, expand board following Jana investment
▼ + stars: | 2024-01-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Industrial technology company Trimble announced on Tuesday it would buy back up to $800 million worth of shares and add two directors to its board, just a few weeks after activist investor Jana Partners disclosed a stake in the company. Nersesian is the chairman and former CEO of Keysight , an equipment and software company. "We are thrilled to welcome Kara and Ron to our Board," Trimble CEO Rob Painter said in the release. Jana partner Kevin Galligan said the firm was "pleased" with the additions to the board and the expanded share buyback plan. Galligan also said that industrial concerns looking to grow their recurring revenue through software or technology might consider acquiring Trimble.

Persons: Trimble, Jana Partners, Ron Nersesian, Kara Sprague, Sprague, Kara, Ron, Rob Painter, Jana, Kevin Galligan, Galligan, Rob Organizations: Nginx, Bloomberg's, Trimble, Fidelity National Information Services, Qualcomm, Zendesk, 13D, Company Locations: Trimble

☆ Jana Partners calls for strategic review, possible sale at Frontier Communications -letter
▼ + stars: | 2023-12-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Small toy figures with laptops and smartphones are seen in front of displayed Frontier Communications logo, in this illustration taken December 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsDec 4 (Reuters) - Activist investment firm Jana Partners is urging Frontier Communications (FYBR.O) to begin a strategic review, including a possible sale of the telecommunications company, arguing that its shares will continue to lag unless corrective action is taken. In the letter, the partners said they have spoken with potential strategic and financial buyers who have "indicated interest in participating in a company-initiated review process." A Jana spokesman declined to comment and a representative for Frontier did not immediately respond to a request for comment. In the letter Jana said Frontier's lagging stock price is linked to the fact the company hasn't been able to attract new investors since exiting bankruptcy in 2021.

Persons: Dado Ruvic, Jana Partners, Jana, Barry Rosenstein, Scott Ostfeld, Goldman Sachs, hasn't, Frontier's, Svea Herbst, Bayliss, Nick Zieminski Organizations: REUTERS, Frontier Communications, Reuters, Board, Frontier, Wall, Svea, Thomson

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

☆ Activist Starboard has a variety of strategies to build value at Bloomin’ Brands
▼ + stars: | 2023-09-09 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Its restaurant portfolio includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. But a better opportunity might be their hidden gem in the 150 Outback restaurants in Brazil. As for Starboard, the firm has had extensive success at both Papa John's and Darden, but in strikingly different ways. Papa John's was a very amicable engagement in which Starboard was invited onto the board and worked with management to create extensive shareholder value. If management is smart, they will view Darden as a warning, and Papa John's as the opportunity.

Persons: David C, George, Bloomin, outperforming Darden, Jeff Smith, Papa John's, Chris, Del Frisco's, accretive, Jana Partners, John P, Gainor, Lawrence V, Jackson, Jana, Papa, Darden, Ken Squire Organizations: Brands, Wine, Papa John's, Darden, Texas Roadhouse, LongHorn Steakhouse, Texas, Fogo De Chao, 13D Locations: United States, BLMN, Fogo De, Brazil

☆ Outback Steakhouse owner's stock rises after activist Starboard Value buys stake
▼ + stars: | 2023-08-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

An Outback Steakhouse truck sits parked outside a restaurant in New York. Shares of Outback Steakhouse owner Bloomin' Brands rose 7% in morning trading Friday after an activist investor disclosed its interest in the restaurant company. Starboard Value now owns 9.9% of Bloomin's shares, according a regulatory filing. In addition to Outback, Bloomin' also owns Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar. Starboard Value has a proven track record of successful turnarounds at restaurant companies.

Persons: Bloomin, Jana Partners, Garden's breadsticks, Papa John's, John Schnatter, Jeff Smith Organizations: Fleming's, Wine, Bloomin, Barington Capital Group, Darden Restaurants Locations: New York

☆ Jana Partners loaded up on little-known defense stocks in second quarter
▼ + stars: | 2023-08-15 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Barry Rosenstein's Jana Partners placed two new bets on defense and aerospace stocks in the second quarter, according to a 13F filing with the U.S. Securities and Exchange Commission . Among Jana's other notable moves in the second quarter were buying a new position in Leidos Holdings worth $29 million. Jana lowered its holding in LabCorp nearly 40%, or $55 million, bringing it to roughly $97 million by the quarter's end. The fund entirely exited a $4 million position in geospatial intelligence stock BlackSky Technology . Jana managed about $1.3 billion in 13F securities at the end of the second quarter, according to WhaleWisdom.com .

Persons: Barry Rosenstein's Jana Partners, Jana Organizations: U.S . Securities, Exchange Commission, Mercury Systems, Leidos Holdings, U.S ., U.S . Department of Defense, U.S . Department of Homeland Security, Fidelity National Information Services, Technology Locations: LabCorp

July 31 (Reuters) - New Relic (NEWR.N) said it has agreed to be taken private by TPG (TPG.O) and Francisco Partners in a $6.5 billion all-cash deal amid stiff competition in the application performance monitoring space from rival software companies Datadog and Dynatrace. New Relic's shares rose about 13% to $83.85 on Monday following the deal involving the private equity firms. New Relic reported annual revenue growth of about 18% compared with Dynatrace's (DT.N) 25% jump. New Relic on Monday reported first-quarter revenue of $242.6 million, compared with analysts' estimates of $239.2 million, according to Refinitiv IBES data. Qatalyst Partners is the company's financial adviser, while Morgan Stanley is the lead financial adviser for Francisco Partners and TPG.

Persons: Kingsley Crane, Genuity, Jana, Morgan Stanley, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Shounak Organizations: TPG, Francisco Partners, Francisco, New, Jana Partners, Eminence Capital, Qatalyst, Thomson Locations: ., Bengaluru

☆ Francisco Partners & TPG to take New Relic private in $6 billion all-cash deal
▼ + stars: | 2023-07-31 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A consortium led by Francisco Partners and private equity group TPG will take software provider New Relic private in an all-cash, $87-a-share offer that values the company at nearly $6.5 billion, the company announced Monday. Reuters reported in May that Francisco Partners and TPG had ended deal talks after failing to secure enough debt financing to meet New Relic's desired valuation. Since that report, the private equity groups were able to obtain financing and meet New Relic's valuation requirements. Under the terms of the deal, New Relic will have a 45-day "go-shop" period, during which it can entertain offers from other qualified bidders. Francisco Partners is a technology-focused private equity firm with past investments in Barracuda Networks, On Semiconductor , and K2.

Persons: Lew Cirne, Jana, Zscaler Organizations: Francisco Partners, TPG, New York Stock Exchange, Reuters, New, Jana Partners, Barracuda Networks, Semiconductor, Sumo Logic

Worldpay comprises the bulk of the FIS merchant business, which processes payments for companies. GTCR's offer prevailed over Advent International, another buyout firm that was also vying for the business, the sources said. If the negotiations conclude successfully in the coming days, FIS plans to keep a minority stake in the business, the sources said. FIS, which started in 1968 and serves big financial services corporations, has cut thousands of jobs since the review began. Chicago-based GTCR manages more than $35 billion in assets and invests across sectors, including financial services.

Persons: GTCR, Johnson, Kellogg, Shaw, Jana, Anirban Sen, David French, Milana, Greg Roumeliotis, Richard Chang Organizations: YORK, GTCR, Fidelity National Information Services, FIS, International, Financial Times, General Electric Co, Toshiba Corp, Jana Partners, Reuters, Black Knight Inc, Global, Service, Thomson Locations: Worldpay, Jacksonville , Florida, Chicago, New York

☆ Op-ed: In battle with activist Jana Partners, Freshpet unleashes the dogs of war
▼ + stars: | 2023-06-17 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Morris's employment agreement does not have such a provision. Section 7 of his employment agreement governs non-competition and non-solicitation. Basto resigned from Freshpet's board, effective May 31, according to a filing with the Securities and Exchange Commission. Jana attempted to address this by talking to Freshpet about improving corporate governance and adding new directors identified by Jana to the board. The Freshpet board should have looked at this as a gift from heaven.

Persons: Jana Partners, Freshpet, Jana, Scott Morris, Laurence Tribe, Morris, Richard Kassar, J, David Basto, Olu Beck, Basto, Jana directors, –, Shakespeare, Ken Squire, Squire Organizations: Hive Brands, Freshpet, Company, Securities and Exchange Commission, Institutional, Services, 13D Locations: Freshpet, Delaware

The demise of the deal negotiations underscores the challenges facing private equity firms seeking to put together leveraged buyouts. New Relic has been negotiating with potential acquirers since last year, Reuters has reported, and it's possible that deal talks resume some time in the future, the sources added. New Relic and Francisco Partners did not immediately respond to requests for comment, while TPG declined to comment. San Francisco-based New Relic develops cloud-based software to help websites and application owners track the performance of their services. New Relic has previously been targeted by several activist hedge funds including Jana Partners, Engaged Capital and Eminence Capital.

☆ Stocks making the biggest moves midday: Credit Suisse, First Republic Bank, Halliburton and more
▼ + stars: | 2023-03-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Credit Suisse — Shares of Credit Suisse plunged 25% after its biggest backer, Saudi National Bank, said it won't provide the Swiss bank with further financial help. First Republic Bank — The regional bank stock tumbled 23%, giving back some of Tuesday's gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. New York Community Bancorp — The regional bank stock jumped more than 5%, bucking the broader sell-off trend in banking names.

☆ I asked an AI chatbot to give me advice on how to manage finances with my spouse
▼ + stars: | 2023-02-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Managing finances with a significant other isn't the sexiest thing to talk about, but it's an important topic to breach. If you're unfamiliar with Replika, it's an AI chatbot similar to ChatGPT, with one big exception. After a brief intro, I explained my problem: I needed help managing finances with my wife. Maintain separate accounts: It's also a good idea for each spouse to have their own personal account for individual expenses and financial independence. For example, if one spouse makes significantly more than the other, they may contribute a larger portion to joint expenses.

☆ Fintech giant’s bad wedding leads to happy divorce
▼ + stars: | 2023-02-14 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 14 (Reuters Breakingviews) - Many mergers fail, but executives are rarely humble enough to admit it. They have a point – FIS paid $3 billion more for Worldpay than the combined companies’ market value today. These are worlds apart from the staid financial institutions which patronize FIS’s core software business. As a stand-alone company the payments firm could also borrow more to fuel future purchases without imperiling its former parent’s credit rating. FIS also announced a $17.6 billion writedown on the value of the business and lowered its profit guidance for 2023.

Feb 13 (Reuters) - Banking and payments processing conglomerate Fidelity National Information Services Inc (FIS.N) took a $17.6 billion write-down on its merchant business as it unveiled plans on Monday to spin it off, undoing a $43 billion acquisition that went sour. FIS built its merchant business, which processes transactions for companies, on the back of its $43 billion purchase of WorldPay four years ago. "The pace of disruption in payments is rapidly accelerating, requiring increased investment in growth and a different capital allocation strategy for our merchant solutions business," FIS Chairman Jeffrey Goldstein said in a statement. Charles Drucker, the former CEO of Worldpay, will lead the merchants business after it is spun out, FIS said. Merchant solutions makes up about 30% of FIS' revenue, while its banking solutions arm constitutes about 46%, and capital market solutions the remainder.

FIS plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies, the sources said. The spin-off will take many months to be completed, and FIS will also entertain any acquisition offers for the unit during this period, the sources added. Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. The sources cautioned that no transaction is certain and asked not to be identified discussing confidential deliberations. Merchant solutions makes up about 30% of the company's revenue, while its banking solutions arm constitutes about 46%, and capital market solutions the remainder.

☆ Defense tech firm Mercury Systems announces CFO exit, strategic review
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - Mercury Systems Inc (MRCY.O) on Tuesday announced the exit of finance chief Michael Ruppert and said the defense technology firm had initiated a review of strategic alternatives. Separately, activist investor Jana Partners had said that it would push Mercury to consider options for its business, including a potential sale. "There can be no assurance that any transaction will be approved or consummated," Mercury Systems, which develops and manufactures computer hardware and software products for the aerospace and defense industry, said in a statement on Tuesday. Mercury Systems had a market capitalization of $2.84 billion as of Tuesday's close. The company also reported second-quarter revenue of $229.6 million, compared with $220.4 million a year ago.

TORONTO, Dec 28 (Reuters Breakingviews) - Like dogs seeking forever homes, stray pet businesses will find new owners in 2023. After a surge in Covid-19 lockdown adoptions, some seven out of 10 U.S. households owned one, according to a recent survey by The American Pet Products Association. Nestlé (NESN.S) boss Mark Schneider, for one, said he is open to opportunities in pet food, while Colgate-Palmolive (CL.N) recently bought additional manufacturing facilities to beef up its Hill’s Pet Nutrition division. Privately held Mars, which acquired Canada-based Champion Petfoods and Nom Nom, also could be on the hunt. Separately, Mars also agreed to acquire pet food brand Nom Nom for an undisclosed price, Bloomberg reported on Jan. 14.

☆ Here are the 34 tech companies most likely to be snapped up by private equity firms like Vista and Thoma Bravo in 2023, according to bankers and market data
▼ + stars: | 2022-12-24 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

With a stock price down 45% in the last year, though, it may soon find itself on the other side of the table. But it has $732 million in cash on hand, with zero debt, and analysts are projecting 16% revenue growth. This year, though, Varonis has come back to earth — its stock price has sunk over 57% in the last 12 months. However, with strong projected 2023 revenue growth of 18.6%, Zuora remains a strong target for PE firms. Its stock price has been hammered, going down about 40% this year and making it the subject of mergers-and-acquisitions chatter.

☆ Fidelity National agrees review, adds director after D.E. Shaw pressure
▼ + stars: | 2022-12-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 15 (Reuters) - Fidelity National Information Services (FIS.N) said on Thursday that it will undertake a strategic review and add a new director to its board after pressure from hedge fund D.E. Ferris and the board will lead the review which will evaluate the company's business structures and portfolio of assets as well as focus on cutting costs and improving margins. Ferris had been FIS president where she led the integration of Worldpay and steered the company's global business strategy. FIS said on Thursday it had now appointed Jeffrey Goldstein, currently lead independent director, as independent chairman instead. Shaw's calls for a strategic review that could help boost the share price, the company said.

☆ Here are the 34 tech companies most likely to be on the holiday shopping lists of private-equity firms after valuations plunged this year, according to bankers and private data
▼ + stars: | 2022-12-15 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. "Shareholders don't want to hear it, but you really have great difficulty selling a company at a good price today," the widely followed activist investor Icahn told Insider. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.

Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. That means that the sale of companies like Southwest Gas is off the table for the time being — or will get done at prices far lower than before. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.

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