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☆ ValueAct's Morfit sees Insight Enterprises stock surging as cloud computing grows
▼ + stars: | 2022-10-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Mason Morfit, the firm's chief executive and chief investment officer, said the company's stock price, currently trading at $87.63, could climb to as high as $500 a share in the next five years. Morfit said he was speaking out about Insight because it is broadly overlooked by the market. As Insight helps transform its partner companies, it is also transforming itself having hired a new chief executive earlier this year and having changed the bulk of senior management. For ValueAct, betting on the megatrend of digital transformation started when Morfit had a board seat at Microsoft (MSFT.O) years ago. Register now for FREE unlimited access to Reuters.com RegisterReporting by Svea Herbst-Bayliss; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Investor Irenic Capital wants News Corp to split media, real estate units - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Activist investor Irenic Capital Management, which has a $150 million stake in News Corp (NWSA.O), wants the company to split its media and online real estate units, sources familiar with the matter said on Monday. Irenic's push comes after media mogul Rupert Murdoch's proposal last week to reunite his media empire by combining News Corp (NWSA.O) and Fox Corp (FOXA.O), nearly a decade after the companies split. Irenic has sought a meeting with panel from News Corp, sources said, adding the investor would be prepared to oppose a deal if it undervalues the company. Register now for FREE unlimited access to Reuters.com RegisterNews Corp did not immediately respond to a request for comment. It is anchored by REA Group, in which News Corp has a 61.4% stake, which is worth about $5.8 billion.

☆ Activist investor Starboard has sizable stake in Splunk
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

Oct 16 (Reuters) - Activist investor Starboard Value LP has a nearly 5% stake in Splunk Inc (SPLK.O) and plans to push the software maker to take steps that would boost its share price, a source familiar with the matter said. Starboard and Splunk did not immediately respond to Reuters' requests for comment. Register now for FREE unlimited access to Reuters.com RegisterLast week, Splunk added two directors to its board, including a partner from Hellman & Friedman. The private-equity firm owns about 7.8% stake in the software maker. Last month, the activist hedge fund disclosed its stake in website development platform Wix, supporting Wix's bid to become profitable.

☆ Harvard loses money in 2022 fiscal year as tumbling stocks hurt endowments
▼ + stars: | 2022-10-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 13 (Reuters) - Harvard University's endowment fund, the world's largest university endowment, lost money during the last year, marking a dramatic U-turn from the previous year's double-digit gains. Rattled by tumbling global markets, Harvard Management Co said it lost 1.8% in the fiscal year ended June 30, leaving the total endowment at $50.9 billion. Brown University lost 4.6%, decreasing the value of its endowment to $6.5 billion, the school said. Harvard's endowment chief noted that some other universities boosted returns by getting into the conventional energy sector. Last year, Harvard pledged to stop investing in fossil fuels after years of pressure from students, faculty and alumni.

☆ Trump-tied SPAC delays vote after falling short on shareholder support
▼ + stars: | 2022-10-10 | by ( Echo Wang | ) www.reuters.com time to read: +2 min

At least 65% of the shareholders of Digital World Acquisition Corp (DWAC.O) needed to agree to the extension. The special purpose acquisition company (SPAC) opted to push back the deadline to try to find more votes. Digital World last month said it had received termination notices from PIPE investors who were pulling out about $139 million of the total financing commitment. Digital World has not yet received approval from the U.S. Securities and Exchange Commission (SEC), which is reviewing its disclosures on the deal. Digital World is set to liquidate on Dec. 8, after managing to extend its life by three months in September.

"It is definitely a business school case study. Musk's attempt to take over Twitter is "a gift to professors and students", said Joshua White, a professor at Vanderbilt University, calling the situation "unprecedented". While the messages reflect his unusual approach to running a business, taking control of Twitter will mean managing it, at least initially. "What is to come is unclear," said Donna Hitscherich, a Columbia Business School professor. Success or failure, it will be an instant business school classroom staple, experts say.

☆ Some investors backing out of SPAC merging with Trump's media firm
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoSept 23 (Reuters) - Some investors are backing out of Digital World Acquisition Corp's (DWAC.O) plan to acquire former U.S. President Donald Trump's social media firm Truth Social, the blank-check firm said on Friday. Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced. Register now for FREE unlimited access to Reuters.com RegisterDigital World did not disclose the investors that pulled out. Sources told Reuters Sabby Management, which had committed $100 million to the PIPE, is one of the investors who have terminated. Many are waiting for DWAC to propose more preferred terms to PIPE investors, sources added.

Digital World's shares rallied as much as 1,650% that month, making it the most valuable SPAC of all time. 'HURTS REALLY, REALLY, BADLY'The deal's woes have rattled Trump's supporters who bought into Digital World because of him. When it still fell short, Digital World delayed the vote again, first until later that day and then to Oct. 10. It is unclear how many investors will do so and whether Digital World will seek new investors to replace them. They got about 40% of Digital World shareholders to vote in favor of the extension, sources told Reuters at the time.

☆ Dozens of Goldman Sachs partners have departed the bank since David Solomon became CEO. See the running list here.
▼ + stars: | 2020-02-27 | 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 after succeeding Lloyd Blankfein. There's been a lot of talk about 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.

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