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A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. The sources declined to be identified because the information is confidential and cautioned a deal could still collapse at the last minute. Spokespeople for Catalent and Elliott declined to comment. In the past when Elliott has pushed for sales of pieces or the entire target company, including at eBay and Switch Inc., and then won board representation, significant ownership changes have followed. Novo Nordisk's weight-loss drug Wegovy is filled by Catalent’s Brussels factory and last week Reuters reported that Catalent’s plant in Bloomington, Indiana will begin filling Wegovy injection pens for Novo.

Persons: Yves Herman Acquire, Elliott, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Shri Navaratnam Organizations: REUTERS, Catalent, Elliott Investment Management, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, Reuters, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Bloomington , Indiana, Novo, Boston, London

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Spokespeople for Catalent and Elliott declined to comment. The U.S.-based contract drugmaker is also Danish company Novo Nordisk's (NOVOb.CO) main manufacturing partner for its popular weight-loss drug Wegovy. The volatility at Catalent could increase scrutiny on the relationship between Novo and its partner. Reuters reported last week that a second Catalent factory will begin filling Wegovy injection pens for Novo as part of an expanded supply agreement.

Persons: Yves Herman Acquire, Elliott, drugmaker, Markus Manns, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Amanda Cooper, Shri Navaratnam, Bernadette Baum, Catherine Evans Organizations: REUTERS, Elliott Investment Management, Catalent, Novo, Reuters, Union Investment, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Danish, Novo, United States, Germany, Boston, London

☆ Activists back off Salesforce after share price recovery
▼ + stars: | 2023-08-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The changes in ownership came after significant overhauls at Salesforce helped push its share price higher. Inclusive Capital Management, one of four activists closely involved with Salesforce in early 2023 along with Starboard, Elliott Investment Management and ValueAct Capital, exited even earlier, according to filings. ValueAct's ownership stake remained unchanged at 3.5 million at the end of the second quarter, its filing shows. Sachem Head Capital Management cut its stake by 20% after Salesforce made up nearly 5% of its portfolio. During the second quarter the stock price moved to $211 a share from $199 a share.

Persons: Mike Segar, Salesforce, Marc Benioff, Mason Morfit, Svea Herbst, Bayliss, Sonali Paul Organizations: REUTERS, Salesforce, U.S ., LLC, Inclusive Capital Management, Elliott Investment Management, ValueAct, Inclusive, Sachem, Capital Management, Farallon Capital Management, Light, Capital, Svea, Thomson Locations: New York, Manhattan, New York City, U.S, Salesforce, Polen

☆ Catalent, facing pressure from Elliott, had other activists in stock
▼ + stars: | 2023-08-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Keith Meister's Corvex Management and Scott Ferguson's Sachem Head Capital Management each disclosed buying Catalent stock in the second quarter and owning it on June 30. Corvex initiated a new position in Catalent, buying 5.7 million shares during the second quarter, while Sachem Head purchased 662,000 shares during the quarter, also a new position for the fund. While Elliott is among the world's most prominent and busiest activist investors, both Corvex and Sachem Head have in the past targeted other companies and successfully lobbied for board seats. Representatives for Corvex and Sachem Head declined to comment beyond the filings.

Persons: Yves Herman, Keith Meister's, Scott Ferguson's, Corvex, Elliott, Catalent, Svea Herbst, Bayliss, Sonali Paul Organizations: REUTERS, Elliott Investment Management, Management, Capital Management, Sachem, Corvex, AstraZeneca, Johnson, Moderna, Svea, Thomson Locations: Brussels, Belgium, Catalent, Europe, United States

☆ Investors pummeled by tech in 2022 make new bets on sector in second quarter
▼ + stars: | 2023-08-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. The deadline for so-called 13-F filings for the second quarter is on Monday. 2023 has been a better year for investors, with the S&P 500 (.SPX) stock market index up 16% in the first half after a 20% drop in full-year 2022. IPhone maker Apple (AAPL.O), retailer Amazon, electric vehicle maker Tesla (TSLA.O), chip maker Nvidia and technology company Meta are among the group that accounted for 73% of the market's gains. Second-quarter filings suggest many hedge funds ramped up their bets on technology stocks that suffered last year.

Persons: Mike Segar, Meta's, Philippe Laffont, Svea Herbst, Bayliss, Matthew Lewis Organizations: Wall, New York Stock Exchange, REUTERS, Amazon.com, Meta, Coatue Management, Microsoft, Tiger Global Management, Nvidia, Investment, Securities and Exchange, Apple, Svea, Thomson Locations: Manhattan, New York City , New York, U.S, New York

☆ Prominent investors rekindle affection for Amazon in Q2 as stock price jumps
▼ + stars: | 2023-08-11 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Soros Fund Management owned 769,061 Amazon shares at the end of the second quarter, representing an increase of more than 8% in its holdings. Amazon’s stock price boomed during the pandemic when homebound shoppers relied on the retailer for toilet paper, groceries and much more. What investors who bought Amazon during the second quarter did not know yet was how well the company fared during those three months. It reported an 11% gain in second quarter revenue and topped analysts’ expectations when it reported earnings earlier this month. Management also pointed to a strong third quarter and the stock price rose on the earnings report.

Persons: Washington, Mike Segar Organizations: Amazon, REUTERS, Fidelity, Amazon.com, Baupost, Soros Fund Management, Investment Group, Mutual, Investor GQG Partners, Securities and Exchange Commission, Management Locations: New York City , New York, U.S

☆ Exclusive: ValueAct names Hale co-CEO, announces partner departures, strong gains
▼ + stars: | 2023-08-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

At the same time, ValueAct told investors in a letter seen by Reuters that three partners, including the firm's president Brandon Boze, are leaving. Boze will retire from the firm in 2024 and partners Dylan Haggart and Sarah Coyne will leave. ValueAct also pushed to replace four Seven & i Holdings directors with its own candidates this year, a campaign rejected by shareholders. "Rob has built what we believe is the premiere engagement investing franchise in Japan," the letter said. ValueAct said Coyne identified long-term super cycles as the market reached to short term datapoints.

Persons: Robert Hale, Mason Morfit, ValueAct, Brandon Boze, Boze, Dylan Haggart, Sarah Coyne, Morfit, Jeff Ubben, Hale, Rob, Haggart, Coyne, Svea Herbst, Bayliss, Nick Zieminski Organizations: Reuters, Microsoft, San, Fund, Japan Fund, Olympus, Holdings, Elliott Investment Management, Ubben's Inclusive, Spotify, New York Times, Svea, Thomson Locations: Japan, San Francisco, Seagate, Salesforce

☆ Billionaire investor Ackman says he is shorting 30-year Treasuries
▼ + stars: | 2023-08-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

"We are short in size the 30-year T," Ackman wrote on messaging platform X, formerly known as Twitter. "We implement these hedges by purchasing options rather than shorting bonds outright," Ackman wrote. Ackman said higher defense costs, energy transition and the greater bargaining power of workers all point toward higher inflation. "The best hedges are the ones you would invest in anyway even if you didn't need the hedge," Ackman wrote. A spokesman for Ackman didn't respond to a Reuters request for additional comment.

Persons: Bill Ackman, Mike Blake, William Ackman, Ackman, Treasurys, Fitch, Svea Herbst, Bayliss, Shri Navaratnam Organizations: Pershing, Capital, Wall Street Journal Digital, REUTERS, Capital Management, U.S, Twitter, Federal, White, Svea, Thomson Locations: Laguna Beach , California, U.S

REUTERS/Rick Wilking/File PhotoAug 2 (Reuters) - Industrial equipment auctioneer RB Global Inc (RBA.TO) said on Wednesday it replaced its chief executive officer, Ann Fandozzi, who recently spearheaded a $7.3 billion acquisition, amid a dispute over equity compensation. The company, formerly called Ritchie Bros Auctioneers, said Jim Kessler, its former chief operating officer and president, has been named CEO. The company gave a second-quarter earnings preview, reporting that revenue jumped 128% to $1.1 billion and net income climbed 63% to $86.8 million. The company said Fandozzi asked the board to approve a program "out of step with market standards." "My focus has been on sustaining momentum while solidifying an all-equity, at-risk incentive program to align management with long-term performance and shareholder value," she said.

Persons: Richie Bros, Rick Wilking, Ann Fandozzi, Ritchie, Auctioneers, Jim Kessler, Eric Jacobs, Jacobs, Fandozzi, Glass Lewis, Kessler, Svea Herbst, Bayliss, Pratyush Thakur, Anil D'Silva, Sriraj Kalluvila, Leslie Adler Organizations: REUTERS, Global Inc, Investors, RB Global, New York Stock Exchange, Reuters, U.S, Services, Svea, Thomson Locations: Longmont , Colorado, U.S, Boston, Bengaluru

☆ Shares of these 2 global stocks could soar over 30% as bankruptcies begin to rise, analysts say
▼ + stars: | 2023-08-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Company insolvencies are on the rise in Britain , and analysts are expecting two U.K.-based consultancies to be major beneficiaries. Earlier in the month, Begbies Traynor beat its rival and delivered a double-digit annual growth rate. Begbies Traynor Analysts expect Begbies Traynor's core insolvency division to benefit from rising U.K. insolvencies as economic conditions worsen. BEG-GB FRP-GB YTD line Analysts at Canaccord Genuity and Stifel echoed that view, saying that Begbies Traynor is strongly positioned, with over 80% of revenue derived from counter-cyclical insolvency services. The bank raised its forecasts for the firm's earnings for the rest of the year and expects FRP's stock to rise by 47% to £1.75.

Persons: Begbies Traynor, FRP, —, James Bayliss, Bayliss, Stifel, Sam Dindol, Berenberg Organizations: Bank of England, FRP, FRP Advisory Locations: Britain, United States, Canaccord

"When we're 50% foreign owned that gives people pause within Japan," Johnson said in an interview. Companies often view the presence of an activist investor as a challenge to their strategy or a factor that could delay execution of their plans. The activist investor previously praised JSR's "fact-based decision making" and said it supports the sale to JIC. "But that doesn't contribute to the Japanese semiconductor materials industry overall," he said. "I don't think they're being imaginative enough ... there's a wide range of materials expertise in Japan," Johnson said.

Persons: Eric Johnson, Johnson, ValueAct, JSR's, Atsushi Ikeda, Goldman Sachs, Ikeda, Yuta, JSR, Sam Nussey, Miho Uranaka, Makiko Yamazaki, Svea Herbst, Bayliss, Stephen Coates Organizations: JSR, Japan Investment Corp, Samsung, Intel, ValueAct, Companies, Citigroup, Svea, Thomson Locations: TOKYO, American, Japan, there's

☆ Blackstone to invest $150 million in London-based hedge fund Astaris
▼ + stars: | 2023-07-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, July 18 (Reuters) - Blackstone Group LP is to invest $150 million in London-based Astaris Capital Management which will be split between the firm's existing hedge fund and a new pool of capital with a drawdown structure, two sources said. He was also a founding partner at hedge fund Sothic Capital, which invested in European distressed assets. The firm's investment approach does not rely on any specific part of the economic cycle. Blackstone will fund both the existing hedge fund and the new fund with $75 million each, signaling its strong commitment to Astaris, according to the sources familiar with the investment but are not permitted to discuss it. Blackstone, which invests $81 billion through its hedge fund unit Blackstone Alternative Asset Management, is making the investment with cash from its Strategic Alliance Fund IV, which has over $1 billion in assets, they said.

Persons: Astaris, Martin Beck, Blackstone, Svea Herbst, Bayliss, Emelia Sithole Organizations: YORK, Blackstone, Astaris Capital Management, Centerbridge Partners, JPMorgan, Asset Management, Strategic Alliance, IV, Strategic Alliance Fund, Astaris, Svea, Thomson Locations: London, Europe

☆ Salesforce hires activist lawyer from Wachtell, Lipton as legal chief
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Salesforce (CRM.N) appointed Wachtell, Lipton's Sabastian Niles as its chief legal officer on Monday, months after the leading activist lawyer helped defend the business software provider against several hedge funds that had called for changes at the company. "I'm thrilled to welcome Sabastian to Salesforce as part of our world-class management team," CEO Marc Benioff said. Wachtell, Lipton, Rosen & Katz is a major law firm sought out by corporate America to handle merger deals as well as activist investment firms' push for changes. Niles spent nearly 17 years at the law firm, where he began his career as a summer associate after earning his law degree from Harvard, rising to become a partner. Niles was part of the team at Wachtell when it advised Salesforce after Starboard Value, ValueAct and Elliott Investment Management pressured it for making key changes earlier this year.

Persons: Wachtell, Lipton's Sabastian Niles, I'm, Marc Benioff, Lipton, Katz, Niles, Bill Ackman's, Jeffrey Ubben, Mason Morfit's, Salesforce, Svea Herbst, Bayliss, Yuvraj Malik, Vinay Dwivedi Organizations: Rosen, Harvard, Bill Ackman's Pershing, Capital Management, Elliott Investment Management, Svea, Thomson Locations: Salesforce, America, Wachtell, New York, Bengaluru

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

July 10 (Reuters) - Morgan Stanley (MS.N) has hired senior investment banker Marco Caggiano from JPMorgan Chase & Co (JPM.N), where he led the bank's North America mergers and acquisitions (M&A) business, people familiar with the matter said on Monday. Caggiano, a veteran investment banker who spent 23 years with JPMorgan, will join Morgan Stanley as vice chairman of M&A, the sources said. JPMorgan and Morgan Stanley declined to comment. Caggiano trained as a lawyer and worked at Paul Hastings before he joined JPMorgan. He was co-head of North America M&A before Chris Roop, his other co-head, exited JPMorgan last year to join Jefferies Financial Group Inc (JEF.N).

Persons: Morgan Stanley, Marco Caggiano, Caggiano, Elon Musk, Paul Hastings, Chris Roop, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis Organizations: JPMorgan Chase &, JPMorgan, Twitter Inc, Elon, Zynga, Hasbro Inc, Alta Fox, Jefferies Financial Group Inc, Svea, Thomson Locations: America, Rhode Island, New York

☆ Branson, Virgin Group reputations at centre of $250 mln London court clash
▼ + stars: | 2023-07-03 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters) - British billionaire Richard Branson severely damaged Virgin Group's reputation by residing in a tax haven while UK-based airline Virgin Atlantic sought a government bailout during the pandemic, according to internal Virgin emails cited in a $250 million London lawsuit on Monday. The emails were cited by lawyers for U.S. train operator Brightline, which is being sued by the Virgin Group after cancelling a deal to use the Virgin brand in 2020, just over 18 months after it was signed. Under the deal Brightline operated a rail line in Florida using the name Virgin Trains USA. Brightline's lawyers cited internal Virgin Group emails describing group founder Branson being based in the British Virgin Islands for tax purposes as "a reputation killer", while one email from an external public relations adviser said: "Richard needs to show he's not a ruthless, tax-evading billionaire." In an April 2020 email, Virgin Group CEO Josh Bayliss referred to Branson's tax residency in relation to the request for a bailout, saying: "Richard cannot escape the criticism.

Persons: Richard Branson, Brightline, Branson, Richard, Josh Bayliss, Daniel Toledano, Virgin Atlantic's, Brightline's, Nigel Tozzi, Sam Tobin, Susan Fenton Organizations: Virgin Atlantic, U.S, Virgin Group, Virgin, Virgin Trains, British Virgin Islands, Real Madrid, Thomson Locations: Florida, British Virgin, Britain, United States, Barcelona, Bay

☆ Corporate agitators slow down in Q2 but ready to pounce in H2 -Barclays data
▼ + stars: | 2023-06-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Investors, bankers and lawyers expect a busy second half where activists may become more involved in trying to jumpstart mergers and acquisitions (M&A). "Volatile markets and depressed M&A markets are not deterring activists from launching campaigns in 2023," said Jim Rossman, global head of shareholder advisory at Barclays. In the second half, Barclays' Rossman expects to see a market with pent-up demand for M&A and $1.4 trillion parked in private equity firms' war chests that needs to be put to work. "The proof is in the pudding in the 2023 proxy season," Rossman said. "Activists won seats at 80% of proxy contests that went to a final vote, compared to 33% in 2022."

Persons: Jim Rossman, ValueAct, Carl Icahn, Francis deSouza, Elliott, Rossman, Svea Herbst, Bayliss, Jamie Freed Organizations: YORK, Elliott Investment Management, Capital, Legion Partners, Barclays, Holdings, Inclusive, Partners, Bayer, Reuters, Capital Management, Svea, Thomson Locations: Europe, Asia, United States

☆ Alkermes wins battle against Sarissa in closely watched boardroom fight
▼ + stars: | 2023-06-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, June 29 (Reuters) - Alkermes (ALKS.O) beat back activist investor Sarissa Capital Management's boardroom challenge on Thursday when shareholders re-elected all of the biotechnology company's directors in one of the year's most closely watched votes. But investors stuck by the company, which is valued at $5.4 billion, and returned all directors to their seats on the 11-member board. Glass Lewis, ISS's smaller rival, recommended shareholders back all Alkermes directors. Biogen shareholders this week elected Denner's romantic partner, Susan Langer, to fill his seat on the Biogen board after the board had nominated her. Both ISS and Glass Lewis referenced the Biogen matter in their recommendations on how to vote at Alkermes.

Persons: Alkermes, Nancy Wysenski, Sarah Schlesinger, Glass Lewis, Alex Denner, Susan Langer, Schlesinger, Sarissa, Svea Herbst, Bayliss, Chris Reese Organizations: YORK, Capital, Services, ISS, Svea, Thomson Locations: Alkermes, Biogen

☆ Alkermes beats back board room challenge from Sarissa Capital Management, all directors re-elected - sources
▼ + stars: | 2023-06-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

NEW YORK, June 29 (Reuters) - Shareholders in Alkermes have re-elected all of the biotechnology company's directors, according to two sources familiar with the matter on Thursday, dealing a blow to hedge fund Sarissa Capital Management which pushed to put three candidates on the board. Sarissa, which owns 8.5% of Alkermes, has long criticized the company's stock price and how the biotechnology company is run, and nominated three candidates, including its co-founder, Alex Denner, as director candidates to the 11-member board. But investors in the biotechnology company, which is valued at $5.3 billion, stuck by all incumbents in one of the year's most closely watched proxy contests. Representatives for the company and Sarissa could not be reached for comment. Alkermes had previously refreshed the board with new directors several times in recent years and has had success in developing and bringing new drugs to market.

Persons: Alex Denner, candiates, Sarah Schlesinger, Alkermes, Svea Herbst, Bayliss Organizations: YORK, Alkermes, Capital Management, Services, Svea, Thomson

☆ Mercury Systems rebuffs former CEO's unusual pay demand
▼ + stars: | 2023-06-28 | by ( David Carnevali | ) www.reuters.com time to read: +5 min

The value of the change-in-control payout hinges on Aslett's unvested shares and Mercury's stock price. In his resignation letter, Aslett said he was entitled to the change-in-control payout even though that change did not occur. Mercury said its board of directors disputed Aslett's claim to the change-in-control payout. Without it, Aslett would be entitled only to a $2.4 million severance package, a Mercury regulatory filing shows. But the contract stipulates that to be eligible for the change-in-control payout, Aslett also needed to resign for "good reason."

Persons: Mark Aslett, Marc Hodak, Aslett, Mercury, Charles Elson, William Ballhaus, Elliott, I've, Francis Byrd, David Carnevali, Svea Herbst, Bayliss, Greg Roumeliotis, Matthew Lewis Organizations: YORK, Mercury Systems Inc, Mercury, Reuters, University of Delaware, Elliott Investment Management, Alchemy, Partners, Svea, Thomson Locations: Andover , Massachusetts, New York

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ Exclusive: Software company Enfusion draws takeover interest from private equity, Irenic Capital
▼ + stars: | 2023-06-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, June 26 (Reuters) - Software company Enfusion Inc (ENFN.N) is attracting takeover interest from private equity firms and strategic buyers, several people familiar with the matter said. Enfusion's management has been approached in recent months by Francisco Partners, Vista Equity Partners and investment firm Irenic Capital Management, said the sources who asked not to be identified because the talks are private. The company has experienced turbulence in the executive ranks, with its chief executive officer and chief financial officer resigning just months apart from one another last year. The name of the private equity partner could not be learned. Irenic, which was co-founded by Elliott Management veteran Adam Katz and former Indaba Capital partner Andy Dodge, recently worked with private equity giant Apollo Global Management to buy industrial parts manufacturer Arconic.

Persons: Irenic, Oleg Movchan, Enfusion, Adam Katz, Andy Dodge, Katz, Dodge, Elliott, Deutsche Boerse, Svea Herbst, Bayliss, Nick Zieminski Organizations: YORK, Enfusion Inc, Francisco Partners, Vista Equity Partners, Irenic Capital Management, Francisco, Elliott Management, Indaba, Apollo Global Management, Arconic, Harvard, Nasdaq, Deutsche, Svea, Thomson Locations: Vista

☆ Exclusive: Masimo shareholders poised to elect Politan's two director nominees to board -sources
▼ + stars: | 2023-06-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The Vanguard Group, one of Masimo's largest shareholders, has backed both Politan nominees, two sources said. The company, which is currently valued at $8.5 billion, is expected to make preliminary voting results public later on Monday. A representative for Politan declined to comment, and a representative for Masimo was not immediately available for comment. The hedge fund, founded by Koffey, received backing from proxy advisory firms Institutional Shareholders Services and Glass Lewis two weeks ago when both urged shareholders to elect the Politan nominees. In the end, Masimo reversed course and dropped the requirements after Politan sued in Delaware court.

Persons: Quentin Koffey, Michelle Brennan, Masimo, Koffey, Glass Lewis, Politan, Svea Herbst, Bayliss, Leslie Adler Organizations: YORK, Masimo, Politan Capital Management, Vanguard Group, Vanguard, Sound United, Shareholders Services, ISS, Svea, Thomson Locations: Delaware

☆ Exclusive: Blackstone's Horizon head Scott Bommer to leave company
▼ + stars: | 2023-06-17 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Bommer, a former hedge fund manager, joined Blackstone in 2021 as a senior managing director when the company was overhauling its $81 billion Blackstone Alternative Asset Management hedge fund unit known as BAAM. The Blackstone Horizon platform will now be run by an investment committee led by BAAM Global Head Joe Dowling, the sources said. Before coming to Blackstone, Bommer ran hedge fund SAB Capital for 17 years investing in stocks, debt and mortgages. Bommer was the first big hire brought in by Dowling, after he joined Blackstone in early 2021 to help overhaul the hedge fund unit. Last year Tiger Global Management lost 56% while Whale Rock Capital Management ended with a 43% loss, Reuters reported previously.

Persons: Blackstone, Scott Bommer, Joe Dowling, Bommer, Dowling, Svea Herbst, Bayliss, Diane Craft, David Gregorio Our Organizations: YORK, Blackstone, Management, BAAM Global, SAB Capital, Tiger Global Management, Whale Rock Capital Management, Reuters, Svea, Thomson

☆ Sarissa's Denner quits Biogen board as firm seeks seats at Alkermes
▼ + stars: | 2023-06-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The hedge fund's founder, Alex Denner, 53, one of three Sarissa candidates running for seats on Alkermes' 11-member board, on Monday said he would give up his board seat at biotech company Biogen (BIIB.O). The move eliminates "any claim of conflict whatsoever," Sarissa wrote to Alkermes shareholders on Tuesday. Alkermes shareholders will vote on directors on June 29 in what is one of the year's five biggest boardroom challenges. A Biogen representative confirmed that the board knew about the relationship between Denner and Langer. Denner, who has served on the Biogen board since 2009 and headed the nominating and governance committee, had nominated Langer.

Persons: Alex Denner, Sarissa, Biogen, Susan Langer, Alkermes, Denner, Langer, Bob Langer, Biogen's, Stelios Papadopoulos, Caroline Dorsa, Richard Mulligan, William Jones, Svea Herbst, Bayliss, Bill Berkrot, Mark Porter, Leslie Adler Organizations: YORK, Management, Moderna, Svea, Thomson Locations: Alkermes, Biogen

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