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☆ Trump-Tied SPAC DWAC wins shareholder support for one year extension
▼ + stars: | 2022-11-22 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

DWAC shares jumped on news of the approval and were trading at $23.42, up 8.60% after the meeting was ended. Tuesday's meeting was scheduled after Orlando extended the Nov. 3 meeting to give investors more time. On Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG) which operates Trump's Truth Social app, stands to receive from DWAC. Reporting by Svea Herbst-Bayliss with additional reporting by Echo Wang Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

☆ Canadian mortgage lender Home Capital to go private in C$1.7-billion deal
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Canada's Home Capital Group Inc (HCG.TO) said on Monday the mortgage lending company would be taken private by Smith Financial Corp in a C$1.7 billion ($1.27 billion) deal. The Toronto-based lender had rebuffed a takeover offer of more than C$28.60 per share from an unnamed buyer, saying it undervalued the company. The deal with Smith Financial includes a "go-shop" period until Dec. 30, during which Home Capital will be allowed to seek other bids. The lender would be delisted after nearly four decades of being a public company when the deal closes, which is expected in the middle of next year. ($1 = 1.3425 Canadian dollars)Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Merck to acquire Imago BioSciences for $1.35 bln
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Merck & Co Inc (MRK.N) said on Monday it will acquire cancer drug developer Imago BioSciences Inc (IMGO.O) for a total equity value of $1.35 billion to expand its portfolio of blood disorder treatments. The drugmaker's offer of $36 per share in cash for Imago represents a nearly 107% premium to the company's last close. With Merck's blockbuster cancer immunotherapy Keytruda expected to lose key patents in 2028, the company has been trying to expand its drug portfolio. Imago, which develops drugs for the treatment of bone marrow-related diseases, is currently testing its lead drug bomedemstat for treating a chronic cancer known as myeloproliferative neoplasms. The Imago deal is expected to close in the first quarter of 2023, according to the companies.

☆ EXCLUSIVE Hedge fund Hestia wants Pitney Bowes to review capital spend, e-commerce segment
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

It is not clear whether Hestia, run by Kurt Wolf, plans to nominate director candidates for election to the company's nine-member board. A Pitney Bowes spokesperson was not immediately available for comment. Pitney Bowes, which is headquartered in Stamford, Connecticut, is valued at $628 million. Wolf believes Pitney Bowes should focus on cash-generating segments like Presort Services, its mail aggregation business, and SendTech Solutions, its postage meter business. Securities filings show that Permit Capital, LLC and Miller Value Partners LP, which were also investors in GameStop alongside Hestia, are also invested in Pitney Bowes.

☆ EXCLUSIVE Activist Impactive eyes proxy fight at Envestnet amid sluggish stock price
▼ + stars: | 2022-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Impactive is now ratcheting up the pressure on Envestnet, which provides technology and automation software for financial advisors and banks. In a letter to the board, seen by Reuters, Impactive wrote it sees "no choice but to consider nominating a slate of directors" to help correct a string of failures, including a sluggish share price. Impactive criticized the board for failing to evaluate what the returns would be on the spending. But Envestnet roundly rejected Impactive's earlier suggestions that Wolfe join its board, saying she is "not a good fit." Impactive disagrees and wrote that its record on boards has spanned years and "led to over 30% annualized returns for Impactive."

Hedge fund Farallon Capital, for instance, bought nearly 7.8 million shares of Twitter during the quarter that ended Sept. 30, while Franklin Resources, the parent company of mutual fund firm Franklin Templeton, added nearly 2.6 million shares to an existing position of less than 100,000 shares. Shares of Twitter fell to as low as $33 during the third quarter before ending September near $44. The value of Twitter shares jumped 23.2% in October when Musk completed the deal on Oct. 27 by paying $54.20 per share. While some funds reaped short-term rewards, other investors left some potential gains on the table by selling before the October rally in Twitter shares. Wells Fargo & Co (WFC.N) sold 3.7 million shares of the company, while ClearBridge Investments LLC sold 1.9 million shares.

Digital World Acquisition Corp (DWAC) (DWAC.O) Chief Executive Patrick Orlando on Thursday said he is extending a voting deadline until Nov. 22. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates Trump's Truth Social app, stands to receive from DWAC. DWAC shares, which have tumbled nearly 70% since January, inched up modestly in early trading on Thursday to $16.31. Before that it had delayed several times, moving the deadline to Oct. 10 from Sept. 8, and before that from Sept. 6. By Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters.

☆ U.S. DOJ preparing to probe Adobe's $20 bln Figma deal - Politico
▼ + stars: | 2022-11-02 | by ( Shadia Nasralla | Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - The U.S. Department of Justice is preparing to open an investigation into Adobe Inc's (ADBE.O) $20 billion takeover of Figma, Politico reported on Wednesday, citing four people with knowledge of the matter and a document it viewed. The DOJ has been reaching out to customers and competitors of Adobe and Figma, as well as Figma's venture capital investors, in recent weeks, according to the report. "Adobe and Figma today are not meaningful competitors," Adobe said in an emailed statement. Figma and the DOJ did not immediately respond to Reuters' requests for comment. The exact timing of the probe is unclear, Politico said, adding that the companies are still in the review period mandated by law.

Qualcomm (QCOM.O) ended its $44 billion purchase of Dutch peer NXP Semiconductors NV in 2018 after failing to secure regulatory approval. read moreChina's regulators have declined to comment on the DuPont deal and have not provided a reason for the delay in reviewing it. One merger arbitrage fund investor, who declined to be named, said deals involving Chinese approval will be closely watched in the aftermath of the scrapped DuPont-Rogers deal. Shares of some U.S. companies with a significant footprint in China that are waiting to complete deals dropped on Wednesday as a result. Some investors cautioned, however, that the collapse of these deals hinges not just on whether Chinese regulators will withhold clearance but also on whether the acquirers are committed to the transactions.

☆ Marathon Oil to buy Ensign's Eagle Ford assets for $3 bln
▼ + stars: | 2022-11-02 | by ( Shadia Nasralla | Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Marathon Oil Corp (MRO.N) said on Wednesday it had struck a deal to buy Ensign Natural Resources' Eagle Ford assets for $3 billion in cash. Marathon said the deal was immediately accretive to the company's cash flow and will nearly double its position in South Texas' Eagle Ford basin. The company expects to raise its base dividend by an additional 11% after closing the deal, which is expected by the end of this year. The U.S. oil producer on Wednesday also posted quarterly income that topped Wall Street's estimate on higher energy prices. Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Goldman on Monday elevated Avinash Mehrotra and Brian Haufrect as the new co-heads of Americas M&A, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism and takeover defense, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles on top of their new responsibilities. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo sent to employees by Goldman's global co-heads of Global Banking & Markets, Dan Dees and Jim Esposito. Haufrect, who heads Goldman's natural resources deals franchise, was made partner at Goldman in 2016, according to his LinkedIn profile. Goldman's top six dealmakers - global co-heads of M&A, Stephan Feldgoise and Mark Sorrell, and M&A chairmen, Tim Ingrassia, Dusty Philip, Gilberto Pozzi and Gene Sykes - will continue running the franchise, according to the memo.

NEW YORK, Oct 31 (Reuters) - Goldman Sachs Group Inc (GS.N) on Monday named Avinash Mehrotra and Brian Haufrect as the new co-heads of mergers and acquisitions (M&A) for the Americas, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo. The contents of the memo were confirmed by a Goldman spokesperson. Reporting by Svea-Herbst Bayliss and Anirban Sen in New York; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Investors who stuck it out for Musk's Twitter deal set to reap rewards
▼ + stars: | 2022-10-28 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

[1/3] The Twitter logo is seen on the floor at the New York Stock Exchange in New York, November 7, 2013. If the deal had collapsed, the price floor for Twitter stock would have been "unknown", White said, adding that investors waged their risk on Delaware Chancery court, where corporate disputes are resolved. Investors sold 107,626 million Twitter shares in the second quarter, regulatory filings and Symmetric.io data show, with activist investors and tech oriented funds leading the sales. As the stock price dropped early in the third quarter, some investors saw a chance to buy in for cheap. that Twitter investors were not trapped.

While no final decisions have been reached, Wednesday's announcement resonated with investors who have been frustrated by Monro's sagging share price and the tight grip of the company's controlling investor, investment banker Peter Solomon. The company is currently valued at $1.5 billion and its stock price has tumbled 22% since January. Solomon, 84, is able to overrule votes from all other shareholders because he owns all of Monro's outstanding Class C Preferred shares. Pressure has been building on Monro since investment firm Ides Capital began pushing for changes two years ago. More recently, Ides called for a strategic review committee to be formed to explore alternatives for the company.

☆ EXCLUSIVE Rocket maker Aerojet solicits acquisition offers -sources
▼ + stars: | 2022-10-25 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

Aerojet, which is providing propulsion engines for NASA's Artemis 1 moon rocket, is working with advisers on an auction process and asked for indications of acquisition interest earlier this month, the sources said. Aerojet develops and manufactures liquid and solid rocket propulsion and hypersonic engines for space, defense, civil and commercial applications. Its customers include the Pentagon, Boeing (BA.N), Lockheed Martin and Raytheon Technologies Corp (RTX.N). Activist hedge fund Elliott Investment Management disclosed it had accumulated a 3.7% stake in Aerojet in August. Aerojet Chief Executive Eileen Drake said in September that "low to mid-single-digit" sales growth was most probable for the company this year.

Along with other consumer goods companies, Unilever has faced a surge in labor, freight and ingredients costs. Billionaire Peltz in recent weeks met two possible contenders to replace Jope, one of the sources said. FLORIDA TALKSEven before Jope announced his departure, Peltz met with a former consumer goods CEO in Florida, one of the sources said. In the last month, Peltz and his team also approached another former consumer packaged goods CEO about the Unilever job, the source said. Peltz supports Unilever's sustainability strategy, including a plan to decarbonize the company's business units, Unilever has said.

☆ U.S. hedge fund Third Point opens Tel Aviv office to scout investments
▼ + stars: | 2022-10-24 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Loeb's $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector. For Third Point, one of the hedge fund industry's most successful firms, the Tel Aviv office will become its first international location. Sapir Harosh, who worked in military intelligence and joined TPV from Israeli firm Pitango earlier this year, will head the Tel Aviv office. In April, New York-based General Atlantic, opened its Tel Aviv office. Third Point finished raising its first dedicated venture fund in 2021 and is currently taking in cash for its second venture fund, a person familiar with the fundraising said.

☆ Greenlight's Einhorn optimistic Twitter deal with Musk will close
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

Einhorn told his investors in August that he had bought a stake in Twitter, and now said he believes the lawsuit in Delaware that could decide the fate of the deal "is going well for TWTR." Register now for FREE unlimited access to Reuters.com RegisterEarlier this month, Musk reversed course again and said he would proceed with the deal on original terms. A Delaware judge ordered a pause to Twitter's lawsuit against Musk, giving the billionaire until Oct. 28 to close the deal. "We expect that one way or another, the deal will close at or near the originally agreed upon price," Greenlight said, referring to the $54.20 price per share the deal was originally proposed. Greenlight's manager said the investment in Twitter is "inherently short-term," adding the hedge fund plans to exit its position upon resolution of the platform sale.

☆ EXCLUSIVE Hedge fund Irenic asks Capricorn Energy to ditch NewMed deal
▼ + stars: | 2022-10-19 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The company's stock price closed up 0.25% at 244.60 penceThe NewMed transaction would result in Capricorn being paid a $620 million special dividend. It would also leave them with a 10.3% stake in the combined company, with NewMed shareholders owning 89.7%. A liquidation could value Capricorn's assets at 350 pence per share, versus the 254 pence-per-share valuation in the NewMed deal, according to Irenic. "The company has yet to present shareholders with any proposal that represents superior value relative to the straightforward liquidation value we have assessed," Irenic wrote in the letter. Prior to agreeing on a sale to NewMed, Capricorn scrapped plans to merge with Tullow Oil Plc (TLW.L) in a deal that would have valued Capricorn shares at 210 pence and would have given Capricorn investors 47% of the new entity.

☆ Engine No. 1 held talks with Coca-Cola on new recycling initiatives - source
▼ + stars: | 2022-10-18 | by ( Shashwat Awasthi | Byron Kaye | ) www.reuters.com time to read: +1 min

1 has held talks with Coca-Cola Co (KO.N) about steps the soda giant could take to ramp up recycling of its cans and bottles, a source familiar with the matter told Reuters on Tuesday. 1 partner responsible for getting three seats at Exxon, brought the Coca-Cola idea to Engine No. 1 from Jana Partners where he had been researching it, another source told Reuters. 1 has suggested a partnership between Coca-Cola and garbage collection and recycling company Republic Services Inc (RSG.N), in which Engine No. Coca-Cola and Republic did not respond to Reuters requests for comment.

Register now for FREE unlimited access to Reuters.com RegisterThe trio of stocks presented by Smith have fallen between 37% and 54% this year. Smith was detailing the thesis of his most recent investments at the 13D Monitor Active-Passive Investor Summit on Tuesday. "We think there's significant upside at Splunk," Smith said noting the company could boost free cash flow margins and maintain strong growth profile that could allow Splunk to generate eight to $9 of free cash flow per share by 2025. He added that, as well as growing profitability, Splunk's business made it highly attractive as a potential acquisition target. "This dynamic creates multiple ways to win and makes the investment in Splunk even more interesting," he added.

Oct 18 (Reuters) - Daniel Loeb's Third Point has built a significant position in toothpaste maker Colgate-Palmolive Co (CL.N) and sees value in a potential spinoff of its Hill's Pet Nutrition business and other brands, the activist investor said in a letter seen by Reuters. The investor letter did not disclose the size of Third Point's stake, but cited several reasons for investing in the consumer goods company, including its pricing power in inflationary conditions and the strength in its pet food business. Loeb called the pet segment one of the most "exciting" pockets in the consumer space and said the business could be worth roughly $20 billion if it were a standalone company. Register now for FREE unlimited access to Reuters.com Register"There is meaningful hidden value in the company's Hill's Pet Nutrition business, which we believe would command a premium multiple if separated from Colgate's consumer assets," the letter said. Sales in Colgate's pet nutrition business have outpaced overall company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.

☆ Sachem Head's Ferguson says replacing CEO among tough jobs for activists
▼ + stars: | 2022-10-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Sachem Head invests with chemicals company Olin Corporation, flavors and fragrance company IFF and food service distributor US Foods Holding and each one replaced its chief executive officer after Sachem Head became involved. He praised the company's plan for share buybacks, saying it was eyeing buying back 20% of outstanding shares a year. The company's CEO Pietro Satriano also left the company. Activists often try to push for changes by influencing the board, sometimes by trying to get seats on the board. In a recent regulatory filing, Sachem Head said that it had made investments in FedEx and Hasbro, both of which have had activist investors pushing for changes this year.

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