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☆ Corporate agitator Ackman tells US to raise FDIC insurance limit to shore up confidence
▼ + stars: | 2023-03-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters) - Billionaire investor William Ackman who spent years telling corporations how to perform better is now taking on the U.S. government by calling for higher insurance limits to safeguard the banking system at the height of a banking crisis. Ackman, who runs hedge fund Pershing Square Capital Management, sent a letter to his investors saying the FDIC should raise its $250,000 per account limit days after U.S. regulators took over Silicon Valley Bank and Signature Bank, triggering a crisis in U.S. regional banks. In his annual letter to shareholders he amplified a message he has been blasting for days on Twitter. "Banking is a confidence sensitive business," and regulators' conflicting public statements have "reduced investor, business, and consumer confidence in our banking system" he wrote. Ackman's investment firm's Pershing Square Holdings portfolio has returned 25.1% per year over the last five years, handily beating its broader stock market index which gained 9.4% a year during the same time.

☆ Envestnet names three new directors, ends board fight with Impactive Capital
▼ + stars: | 2023-03-28 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Longtime banking executive Barbara Turner, veteran board member Wendy Lane and Lauren Taylor Wolfe, the co-founder of Impactive Capital, joined the board in the last days. Envestnet, which provides technology and automation software for financial advisors and banks, also said it will suggest that all of its directors stand for election every year. "These appointments were informed by Envestnet's ongoing dialogue with shareholders as we continue to execute on our strategic plan to deliver enhanced value to shareholders," James Fox, Envestnet board chairman, said in a statement. Impactive, founded by veteran investors Taylor Wolfe and Christian Asmar, owns a 7.5% stake in Envestnet and in January nominated four director candidates to the board. Impactive blamed poor profit margins and capital allocation for Envestnet's underperformance and said its management and board directors were overpaid.

☆ Exclusive: ValueAct seeks to oust four directors of Seven & i
▼ + stars: | 2023-03-24 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

March 24 (Reuters) - ValueAct Capital informed Seven & i Holdings (3382.T) on Friday it would lobby to remove four directors from the Japanese's convenience store operator's 14-member board, citing "a failed corporate strategy." ValueAct, which owns a 4.4% stake of Seven & i, had called on the company's management in January to spin-off of its 7-Eleven convenience store chain. The letter did not state how ValueAct will seek to oust the four directors, whom it did not publicly identify. ValueAct, which is led by Mason Morfit, won a board seat earlier this year at cloud computing company Salesforce (CRM.N). Six new directors joined Seven & i's board last year.

"There is a brick wall in front of M&A activity," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). "We are in for choppiness," said Scott Barshay, chair of the corporate department at law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. And it's a giant struggle because there's a lot of dry powder for the equity part of private equity deals. Dealmakers, however, said they expect the impact from the banking crisis on broader M&A activity to be contained, as most of the worst affected regional banks are not major advisers or lenders on deals. The technology sector remains the best hunting ground for corporate acquirers or private equity financiers, deal advisors said.

One hedge fund manager described trades in the financial sector as being "all over the map", with nobody agreeing on anything. Some breathed a sigh of relief that a competitor stepped in with a rescue offer for Credit Suisse. Others worried that the $3.2 billion UBS will pay is far less than the $9.5 billion Credit Suisse was valued at on Friday, and one investor said the market may not consider this to be a positive. loadingLater, short seller Jim Chanos tweeted his shock that $17 billion of Credit Suisse bonds would be wiped out, asking "What are the Swiss doing here…?!" There was also little agreement on how investors would be positioning themselves in smaller U.S. banks, including First Republic.

☆ Citadel discloses 5% stake in Western Alliance amid sell-off
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Hedge fund Citadel on Tuesday said it bought a 5.3% stake in Western Alliance Bancorporation (WAL.N), sending a strong signal of confidence as the company was swept up in growing fears of a broader financial crisis after two other banks were seized. Western Alliance's share price, which had tumbled on Monday, shot higher on Tuesday, rising as much as 43% shortly after the opening of trading. Last year's returns made Citadel the most successful hedge fund ever. Western Alliance was one of a number of banks caught in a crippling sell-off since last week when regulators shut down startup-focused bank SVB Financial Group (SIVB.O) that triggered worries of a contagion and rippled across financial markets. Reporting by Svea Herbst-Bayliss in Boston, Mehnaz Yasmin in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: C.H. Robinson in advanced talks to name Barber as new CEO
▼ + stars: | 2023-03-09 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Barber, who spent nearly 35 years working at package delivery company UPS before retiring in early 2020, joined the C.H. Robinson board as a director late last year. A spokesperson for the company said there is "no update" on the search, noting "the CEO role at C.H. The Board is committed to conducting, and is underway on, an open and inclusive search to find our next CEO." Last year Reuters reported that Danish transport and logistics company DSV A/S (DSV.CO) was interested in buying C.H.

☆ Proxy advisors urge shareholders to reject Ritchie Bros bid for IAA
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Shareholders vote on March 14 on whether to approve the proposed deal. Ritchie Bros. said it "strongly disagree(s)" with the recommendations and urged shareholders to vote for the deal. The Ritchie Bros stock price climbed more than 5% in the first minutes of trading on Monday. The statement also said that Ritchie Bros. is committed to act in the best interest of all Ritchie Bros shareholders and build long-term value and drive superior shareholder returns. But a number of investors on both sides are pushing back on the deal, arguing it would distract Ritchie Bros from its core business and that it favors IAA shareholders without offering enough upside for RBA investors.

☆ Bath & Body Works adds director, Third Point backs off proxy fight
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

[1/2] Shoppers wait in line outside a Bath and Body Works retail store in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File PhotoNEW YORK, March 6 (Reuters) - Bath & Body Works Inc (BBWI.N) on Monday named veteran financial executive and board member Thomas Kuhn as a new director, ending a potential challenge from billionaire investor Daniel Loeb's hedge fund Third Point. "Tom’s 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value," Bath & Body Works board chair Sarah Nash said in a statement. Bath & Body Works, which is valued at roughly $10 billion, has been operating as a standalone company since 2021. At Bath & Body Works the company was advised by law firm Wachtell Lipton Rosen & Katz, financial services company J.P. Morgan Chase & Co, proxy solicitor Innisfree M&A Inc and public relations firm Joele Frank.

☆ Exclusive: Activist Legion Partners nominates 4 directors at Primo Water -letter
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, March 6 (Reuters) - Activist investor Legion Partners Asset Management is pushing for four new directors to join Primo Water Corp's (PRMW.N) board, arguing they could help the water company's share price triple over five years. Legion nominated experts in water delivery, beverage operations, marketing and capital allocation as director candidates for election to the U.S.-Canadian company's 10-person board to help reverse "chronic underperformance," according to a letter seen by Reuters. "Substantial shareholder-driven change in the boardroom is long overdue and necessary at the 2023 Annual Meeting in order for Primo to achieve its full potential," Legion's managing directors, Chris Kiper and Ted White, wrote to fellow Primo Water shareholders. Legion, which helped place directors onto boards at Bed Bath & Beyond and Kohl's, said it owns a 1.5% stake in Primo Water and has been an investor in the past. Primo Water offers home and office water delivery, water exchange, where customers return their empty water jugs and buy new ones at retailers, and water refill, its most affordable offering, where customers refill jugs themselves.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

☆ Activist investor Dan Loeb builds passive stake in AMD
▼ + stars: | 2023-03-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: 1 min

March 2 (Reuters) - Billionaire investor Daniel Loeb on Thursday told investors in his hedge fund Third Point that the firm has invested in microchip company Advanced Micro Devices(AMD.O), or AMD, a source familiar with the matter said. Third Point, which occasionally pursues an activist strategy and pushes for changes at companies, is not planning to press for changes at AMD and the investment can be considered a passive stake, the person familiar with the fund said. A spokesperson for Loeb declined to comment and AMD declined to comment. Shares of AMD were up about 2% in late afternoon trade. Reporting By Svea Herbst; editing by Peter HendersonOur Standards: The Thomson Reuters Trust Principles.

☆ Bath & Body Works calls investor Third Point's proxy contest "misguided"
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Bath & Body Works Inc (BBWI.N) said on Monday investor Third Point's potential proxy contest is misguided and is a result of the specialty retailer not willing to appoint the hedge fund's former co-chief investment officer to its board. Bath & Body Works said in the last twelve months the board has appointed four highly qualified directors, of which Lucy Brady, a senior executive at Conagra Brands (CAG.N), was proposed by Third Point. In a letter to its shareholders, the company said the potential proxy contest was due to the board's unwillingness to appoint Loeb's former partner Munib Islam to the board. Islam, who played a key role in Third Point's activist campaigns, left the firm in 2020 and is now a senior executive at LTS One, an investment partnership. While it has taken "reasonable" steps to avoid a proxy fight, Bath & Body Works said it is "disappointing and unfortunate" that it will have to spend more time on this despite efforts to engage productively with the hedge fund.

☆ Exclusive: Irenic Capital urges Theravance to conduct review, add shareholder to board
▼ + stars: | 2023-02-27 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 27 (Reuters) - Activist investor Irenic Capital Management is urging Theravance Biopharma Inc (TBPH.O) to initiate a review of strategic alternatives, including a full sale, and to add a shareholder to its board, according to a letter seen by Reuters. Irenic owns a 4.2% stake in the biotechnology company and has criticized its lagging valuation and stock-based compensation to its chief executive and board chair, Rick Winningham. Irenic also called on Theravance to use excess cash to immediately issue a $300 million special dividend to shareholders. They suggested Dodge as a director candidate but wrote in the letter that the company rejected him as a candidate. Irenic is the latest hedge fund to propose changes at poorly performing biotech companies.

☆ Billionaire Ackman donates $3.25 million for ambulances in Ukraine
▼ + stars: | 2023-02-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Feb 26 (Reuters) - Billionaire hedge fund manager Bill Ackman has pledged $3.25 million to help buy more than a dozen ambulances for Ukraine as it defends itself against Russia's invasion, according to a fellow investor who cited a conversation with him. "I had breakfast with my college buddy Bill Ackman this morning, walked him through the attached slide deck I put together about my ambulances-for-Ukraine mission, and on the spot he agreed to donate $3.25 million," Tilson wrote in the email, dated Feb. 25. Ackman's hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets. Tilson has been leading an effort to buy ambulances for Ukraine that will be operated by humanitarian aid group MOAS (Migrant Offshore Aid Station), which is based in Malta. Ackman, whose great-grandfather emigrated to the United States from Ukraine, has an estimated net worth of $3.5 billion, according to Forbes.

☆ Third Point's Loeb plans proxy contest at Bath & Body Works
▼ + stars: | 2023-02-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Bath & Body Works said in a statement late on Wednesday, "The Board strongly disagrees with the views expressed in Third Point's letter." However, it said it would review and consider Third Point's proposed board nominations. Third Point followed through and announced its board challenge hours after Bath & Body Works on Tuesday said that it was adding a second new board member, possibly to assuage the hedge fund's criticisms. Bath & Body Works is valued at roughly $10 billion. This marks Third Point's first proxy fight since 2018 when it challenged Campbell Soup Co.

☆ Third Point announces proxy contest at Bath & Body Works in letter to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Feb 22 (Reuters) - Third Point told Bath & Body Works on Wednesday that it plans to launch a proxy contest and that the company's recent board refresh does not adequately address the hedge fund's concerns about governance, capital allocation and pay. "As fiduciaries, we have no choice but to put forth qualified director candidates and give our fellow shareholders the opportunity to elect directors who can hold the stewards of their capital responsible for the decisions they make," Third Point founder Daniel Loeb wrote in a letter to the company's board. Reporting by Svea Herbst-BaylissOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Caligan urges Anika Therapeutics to conduct review, plans board challenge
▼ + stars: | 2023-02-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Caligan Partners owns a roughly 4% stake in Anika and is ratcheting up pressure to protest an underperforming stock price and losses at the company's joint preservation segment. "Anika may be better positioned as a private company or as part of a larger organization," Caligan's managing partner, David Johnson, wrote to the board. Anika's osteoarthritis knee pain relief injection treatments would be attractive to other companies and could be worth almost $60 per share, Johnson wrote. On Tuesday, the company's stock price climbed nearly 6% as the broader market declined. Anika is best known for its viscosupplement portfolio, including Monovisc and Orthovisc, marketed by Johnson & Johnson (JNJ.N).

☆ Bath & Body Works adds second new director amid pressure from Third Point
▼ + stars: | 2023-02-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Last week Bath & Body Works added Lucy Brady, a senior executive at Conagra Brands (CAG.N) and consumer products veteran to the board, expanding the group to 11 from 10 members. Voskuil and Brady's appointments come weeks after Third Point, which owns a 6% stake in the company, hinted it might push for board seats. In December Third Point announced its stake in a regulatoryfiling and criticized the company's high costs, includinggenerous executive pay. Bath & Body Works, best known for selling soaps, candles andlotions, is valued at $10 billion. Third Point spent an average of $38.16 per share on thestock which is now trading at $40.76.

☆ Suncor Energy names Exxon veteran Rich Kruger as CEO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday former Exxon Mobil Corp executive Rich Kruger would take over as its chief executive from April 3, replacing interim boss Kris Smith, sending its shares up nearly 3% in afternoon trading. Kruger, a near 40-year veteran of Exxon (XOM.N), served as CEO of Imperial Oil Ltd (IMO.TO) for six years before retiring in 2019. "Investors are likely going to see this as a key reason to expect a complete positive change in the safety culture at SU," Eight Capital analysts said. Smith replaced Mark Little as CEO in July following a worker death, which was the fifth fatality at the company since 2019. The company named Smith as its finance chief in place of Alister Cowan, who plans to retire at the end of the year.

☆ Salesforce, activist investor Elliott may soon reach deal - sources
▼ + stars: | 2023-02-17 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Feb 17 (Reuters) - Cloud-based software firm Salesforce Inc (CRM.N) and activist investor Elliott Management Corp are in discussions to reach an agreement that may end a possible board challenge, according to two people familiar with the matter. The battle at Salesforce has pitted Elliott as well as other activist investors against Marc Benioff, one of Silicon Valley's most iconic chief executives. Salesforce's growth has slowed dramatically in recent quarters and last month the company said it would cut 10% of jobs to address its performance. Representatives for Salesforce and Elliott declined to comment. Elliott too has long invested in technology companies and in the past reached settlements for board seats with companies including Pinterest (PINS.N), Twitter and eBay (EBAY.O).

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Disney reported earnings that topped Wall Street expectations and Iger outlined a corporate restructuring that addresses many of Peltz' criticisms. Disney's stock price climbed 3.6% in Thursday trading. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Iger announced earnings that topped Wall Street expectations and announced a corporate restructuring that addresses many of Peltz' criticisms. Trian owns a nearly $1 billion stake in Disney and had criticized the company for a bungled succession planning, overpaying for new assets and runaway costs. Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath, Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Disney issued a statement applauding Peltz's decision to end a board challenge which it called a "distraction. 'FIRST PHASE' IN DISNEY'S TRANSFORMATIONFor Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20% gain on his investment. Analysts said Peltz made a reasonable request for one board seat and to join the 12-member board himself. Peltz appeared on CNBC on Thursday to announce his proxy fight with Disney was over. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

☆ Third Point owns Salesforce stake, talks Bath & Body Works changes
▼ + stars: | 2023-02-08 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Third Point declined to comment on its stake, which was first reported by the Wall Street Journal. These firms have said publicly and privately that they would like to see changes at Salesforce. Third Point on Wednesday updated its own investors about other investments, including one in Bath & Body Works (BBWI.N) , where the firm hinted last year that it might mount a boardroom challenge. In the letter, Third Point's founder billionaire investor Daniel Loeb wrote that he sees a chance to work "constructively" with Bath & Body Works to "address its apparent governance issues and help it realize its significant potential." Last years biggest losers included Walt Disney Co and Amazon.com while Bath & Body Works counted among its biggest winners.

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