Carl Icahn's new personal website can be found here:
http://carlicahn.com/
Monday, September 28, 2015
Friday, August 7, 2015
The evolving response to shareholder activism
An article written by Sidley Austin LLP, posted on Lexology.com covering the evolving response to shareholder activism was an interesting read.
Here is a snippet with the full article link here:
http://www.lexology.com/library/detail.aspx?g=4d1c3f6d-2af1-48e5-8ddd-32dd9a662cf3
Here is a snippet with the full article link here:
Shareholder activism with respect to public companies continued to grow last year, and there are few indications of this trend abating in the near future. Activists targeted more than 200 companies in 2014, compared to about 120 in 2010. Activist funds now have over $200 billion in assets under management, and as a class, they outperformed all other hedge fund strategies in 2014. Accompanying this strong financial performance has been a remarkable record of success in achieving their governance objectives. For example, activists last year enjoyed a 73% success rate in placing their director nominees on targeted company boards, either through full blown proxy contests or negotiated settlements. In total, activists won 197 board seats and were instrumental in replacing 19 CEOs in 2014. So far in 2015, the number of actual or threatened proxy contests is on track to exceed last year’s pace, and with a 67% success rate, activists have continued to enjoy strong results.
http://www.lexology.com/library/detail.aspx?g=4d1c3f6d-2af1-48e5-8ddd-32dd9a662cf3
Thursday, July 16, 2015
Upcoming Webinar: Shareholder Activism: Investing in a Stronger Corporate America
| ||||||||||||||||||||||
If you would like to be removed from our email list, please click Unsubscribe or reply and enter REMOVE in the subject field.
About Olshan Olshan, a law firm based in New York, represents major businesses and entrepreneurs for their most significant transactions, problems and opportunities. Olshan's clients range from public companies, hedge, venture capital, private equity and other investment funds to entrepreneurs and private companies worldwide. Clients choose Olshan for innovative strategies and sophisticated, game-changing advice in corporate, securities law and shareholder activism, complex commercial, corporate and securities litigation, real estate, bankruptcy & financial restructuring, intellectual property and advertising. Since its founding, Olshan has offered an alternative to the AmLaw 50 law firm business model with responsive, independent and client-focused legal counsel provided by the firm's lawyers.Follow the firm on Twitter @OlshanLaw. Copyright 2015 Olshan Frome Wolosky LLP Disclaimer. This email may constitute attorney advertising in certain jurisdictions. Prior results do not guarantee a similar outcome. |
Friday, June 19, 2015
Wolf Pack Activism: A Quick Look at Hedge Fund Activism
The National Law Review wrote a recent article on the highly debated topic of wolf pack activism.
Here are the charts from the article and a link below to read the article in its entirety.
Chart 1 shows that there were more than 100 13-D filings by activist hedge funds in each of the past 5 years. In this period, activist influence appears to have been on the rise. Not only has the success rate for proxy fights launched by activist hedge funds increased, but activists have also been targeting larger companies.
Chart 2 shows that, typically, activists take around 10 days after crossing the 5% threshold to file Form 13-D with the SEC. This has remained relatively stable, despite a small dip in 2012. This chart also illustrates that, as of the date of the 13-D filing, the median shareholding by activists has remained relatively constant at approximately 6%.
Chart 3 sheds some light on activist strategies. In order to gain some insight with respect to wolf packs, we first isolate instances where the abnormal trading volume during the waiting period was more than 10% of the target firm’s shares outstanding. We then distribute 13-D filings across three buckets -- filings that were made within 3 days of crossing the 5% threshold, filings where the waiting period was between 4 and 7 days, and filings that were made 8 or more days after crossing the 5% threshold. The chart shows that there were 8 instances between 2010 and 2014 where the abnormal volume during the waiting period was at least 10% of the target’s shares outstanding and the 13-D filing was made within 3 days of crossing the 5% threshold. As expected, the number of instances where the abnormal trading volume during the waiting period exceeds 10% is greater when one focuses on 13-D filings made 8 or more days after crossing the threshold.
Click here to read the entire article: http://www.natlawreview.com/article/wolf-pack-activism-quick-look-hedge-fund-activism
Here are the charts from the article and a link below to read the article in its entirety.
Chart 1 shows that there were more than 100 13-D filings by activist hedge funds in each of the past 5 years. In this period, activist influence appears to have been on the rise. Not only has the success rate for proxy fights launched by activist hedge funds increased, but activists have also been targeting larger companies.
Chart 2 shows that, typically, activists take around 10 days after crossing the 5% threshold to file Form 13-D with the SEC. This has remained relatively stable, despite a small dip in 2012. This chart also illustrates that, as of the date of the 13-D filing, the median shareholding by activists has remained relatively constant at approximately 6%.
Chart 3 sheds some light on activist strategies. In order to gain some insight with respect to wolf packs, we first isolate instances where the abnormal trading volume during the waiting period was more than 10% of the target firm’s shares outstanding. We then distribute 13-D filings across three buckets -- filings that were made within 3 days of crossing the 5% threshold, filings where the waiting period was between 4 and 7 days, and filings that were made 8 or more days after crossing the 5% threshold. The chart shows that there were 8 instances between 2010 and 2014 where the abnormal volume during the waiting period was at least 10% of the target’s shares outstanding and the 13-D filing was made within 3 days of crossing the 5% threshold. As expected, the number of instances where the abnormal trading volume during the waiting period exceeds 10% is greater when one focuses on 13-D filings made 8 or more days after crossing the threshold.
Click here to read the entire article: http://www.natlawreview.com/article/wolf-pack-activism-quick-look-hedge-fund-activism
The Secret To Jeffrey Smith's Success At Starboard? His Father's Juice Company
A recent Forbes article chronicles activist investor Jeff Smith, of Starboard Value.
Excerpt:
Excerpt:
You don’t need a Wharton education to be a good investorFull article found here: http://www.forbes.com/sites/antoinegara/2015/06/17/the-secret-to-jeff-smiths-success-at-starboard-selling-his-fathers-juice-company/
Starboard, which also counts Mark Mitchell and Peter Feld as co-founders, prioritizes passion and competitiveness when it hires new employees. “We look for passion, you need to love what you do,” says Smith. He adds, “you need competitiveness, some people miss that.”
“We want people who are really excited about winning; winning meaning that we make money, the stock gooes up and companies perform better. And we want people that are upset if things don’t go as well as it should. If it doesn’t bother you when an investment goes against you then there is a problem,” he says.
Tuesday, June 9, 2015
Winds of Change - Activism in Japan Article from the Economist Magazine
A recent article on activism in Japan from The Economist magazine was an interesting read.
Quick Excerpt here and link to the full article below:
"Such signals from the apex of the establishment, in a place where business heeds the government more than in perhaps any other big democracy, have not gone unnoticed among corporate leaders. And the government is offering more than gestures. On June 1st its new corporate-governance code came into effect, with the aim of shaking up companies’ slothful boards by, for instance, calling on them to appoint outsiders (many have none at present). This is the first time a Japanese government has laid down detailed rules on how firms should conduct their affairs.
Mr Abe’s attempts to make companies change their ways are one element of Abenomics, his grand plan to restore vim to the Japanese economy. The corporate reforms, along with monetary easing by the Bank of Japan, are the most tangible elements so far of the prime minister’s programme. His government has stood up to pressure from the Keidanren, Japan’s biggest business lobby, which tried its best to get the code watered down."
http://www.economist.com/news/business/21653638-prospects-shaking-up-japanese-firms-have-never-looked-so-good-winds-change
Subscribe to:
Posts (Atom)