COVID-19 has added an almost undefinable level of uncertainty to all aspects of the global economy, including activism. We entered the new year with activity levels consistent with those seen in previous years, with 39 campaigns launched in January and February of 2020 roughly mirroring the 43 launched in the…

Engagement between activist investors and publicly listed companies is being kept increasingly private as both sides seek to reach agreements without alarming the share-market at large, sector sources told Activistmonitor. The rate of new campaign activity slowed in 2019, at least in terms of publicly visible shareholder activism, according to…

• No company large or small immune to activism • Governance demands provide first step to strategic change   European companies that are performing relatively well are increasingly being targeted by activist investors as they attempt to distinguish themselves from passive investment strategies, according to speakers at the Activistmonitor…

CG Scorecard – Ricoh   Ricoh, a Tokyo-based printing products manufacturer. Member of the Ricoh San-Ai Group, a corporate group revolved around its founder Kiyoshi Ichimura which is comprised of Ricoh Group companies and San-Ai Oil Group companies. Holds shares in 38 non-listed companies amounting to JPY 1.1bn (USD 10.2m) and…

 New principles may dilute accountability  Stepping back from Rule 14A-8 rollback would increase Roundtable’s credibility  The Business Roundtable’s historic about-face on 19 August from its previous promotion of shareholder primacy as the main duty of corporations has environmental, social and governance (ESG) proponents cheering, but the Council of Institutional Investors (CII) sees it…

The lower incidence of publicly visible shareholder activism in the first half of 2019 in Europe could be due to a less stable geopolitical climate, poor stock market performance and an increase in private negotiations between parties, according to specialist advisors interviewed by Activistmonitor. Twenty four new live activism campaigns…

Bayer AG activist investor Elliott Management could agitate for a break-up of the German pharmaceutical and agricultural chemicals company after litigation issues surrounding the Roundup brand are settled, according to three sector bankers and a Bayer investor.   Elliott issued a statement yesterday, 26 June, confirming an approximately 2% stake in…

Well established brands to continue to attract activists’ interest Board and management changes remains top activist demand Activists expected to target spinoffs and break-up candidates   Financially “healthy” companies active in sectors such as industrials, chemicals, consumer and pharmaceuticals are expected to increasingly be targeted by activist investors in…

  Calvert Research and Management continues to engage with Assertio Therapeutics [NASDAQ: ASRT] about the specialty pharmaceutical company’s report on its exposure to risks related to its opioid business, Calvert’s Stu Dalheim told Activistmonitor.  Dalheim, vice president of Calvert’s shareholder advocacy program, said the report incorporates risks on past exposure…

  Cation Capital will urge Crescent Point Energy [TSX: CPG] to replace its chairman of the board, and reiterate a call to appoint a permanent CEO, in a letter to the company’s shareholders that could be issued as soon as today, according to two people familiar with the situation. Cation…

Activistmonitor’s North America mid-year data review helps you to analyze potential opportunities and possible market changes for the remainder of the year.   The data is broken down across new campaigns, campaign size, sector weightings, settlements, evolution of demands and activist activity.   For the first half of the year,…

We’re pleased to share this summary of Activistmonitor’s data and analysis on the first half of 2018 shareholder activism activity.   The results show an increase of activists’ campaigns in Europe in the smallcap (less than USD 1bn) market.   The total number of live ongoing campaigns at the end…

Elliott Advisors has built a position in Vodafone Group [LON: VOD] and is pressing for changes at the telco provider, according to two sources familiar with the situation.   The exact size of the stake in the London-based company could not be learned but both sources said it is significant.

Third Point may have found a new investment opportunity in PayPal [NASDAQ:PYPL], said two people familiar with the matter. The well-known hedge fund, which sometimes runs activism campaigns, is poking around the San Jose, California-based fintech company, these people said. Third Point is expected to publish its public 2Q18 investor…

Shareholder activism at larger cap companies is becoming more common because these tend to be more prone to inefficiency and poor corporate governance than smaller ones, according to representatives of Elliott Management and Cevian Capital.   Speaking at the ICGN annual conference in Milan this week, Giorgio Furlani of…

Elliott Management has engaged with PG&E [NYSE:PCG] multiple times in the last few months, saying it has built a significant position in the Northern California utility, according to two sources familiar with the situation.   The company received at least one letter from Elliott and has hired advisors to deal…

Institutional investors can influence activists to diversify corporate boards just as they influence the management of companies, said Hillary Sale, a professor of management at Washington University Law School.   “Activists have a hard time succeeding without institutional investors,” she said, “so institutional investors need to hold activists accountable.”  …

Starbucks’ [NASDAQ: SBUX] excessive spending, underlevered balance sheet and carve-out opportunities make the coffee retailer a potential activist target, two sector advisors and an activist investor said.   Only a handful of funds can pull the trigger against the Seattle, Washington-based group given its size, these sources agreed. The investor…

While the largest German conglomerates are wary of the spectre of activist investors, mid-sized listed companies are not as concerned as they should be, according to two advisors addressing the Mergermarket Germany Forum in Dusseldorf last week.   Forcing the break-up of large conglomerates is considered a key investment tactic…

Mellanox Technologies [NASDAQ:MLNX] could have a better chance at retaining board seats in the proxy fight against activist Starboard Value if a universal ballot is used at the company’s annual general meeting (AGM), according to several industry advisors.   The fabless semiconductor group is facing an attempt by the activist to replace nine…

HealthCor/Allscripts and Land & Building/Macerich worth reviewing Lawsuits targeting breach of fiduciary duties have led to settlements Under certain circumstances, directors can be in breach of their fiduciary duties if they refuse to waive an advance notification bylaw, according to Michael Swartz, head of the shareholder activism litigation practice at Schulte Roth…

USS Investment Management still fundamentally believes in Akzo Nobel’s [AMS:AKZA] future even after losing confidence in its supervisory board, but only if the chairman leaves as planned in April and is adequately replaced, according to the USS’s co-Head of Responsible Investment Daniel Summerfield. Akzo Nobel announced this…

Activist pressure contributes to market-wide de-merger consideration Board & management changes remain top activist demand Institutional shareholders more likely to support activist proposals A growing emphasis on simplifying Europe’s large conglomerates is forcing strategic and structural change at companies where activists are yet to even disclose a stake, according to advisors…

Activistmonitor, the comprehensive shareholder activist platform that covers shareholder activist data and intelligence, including 13F filing analysis, has released its findings for the first half (H1) of 2016 for shareholder activism in North America. Please see the full report here.   Take a look at a few highlights:…