Proxy Fight News (Dealscape)

Proxy Fight

Hedge funds shop for change at Syms

[Posted on June 30, 2008 at 11:34 AM]

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Filed under: Hedge Clipper | Proxy Fight | Real Estate | Retail

Expect a wide variety of institutional and hedge fund investors to back an activist investor campaign at New York discount retailer Syms Corp....

Icahn blogs again, sort of

[Posted on June 27, 2008 at 1:02 PM]

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Filed under: Dealmakers | Hedge Clipper | Proxy Fight | Regulatory

Oh goody! When I noticed my RSS reader showing a new entry for the Icahn Report, I dropped everything to see what pearls the papa bear of activist investing was about to drop on us. Alas, I was disappointed. Icahn's latest post is a reminder to those demanding his thoughts on the Yahoo! Inc. proxy that SEC rules limit his ability to say much of anything publicly without filing it with the agency. Drat. It's enough to make you lose heart. Like his earlier posts, which are sanitized of any direct reference to individuals or corporations, regular readers of bloggin'...

CSX proxy fight still rolls despite vote

[Posted on June 25, 2008 at 5:49 PM]

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Filed under: Hedge Clipper | Proxy Fight

When a federal appeals court on Monday dealt CSX Corp. a major setback by refusing to block activist investor The Children's Investment Fund from voting its stock at the company's annual meeting, it was easy to see that a pending proxy contest between the insurgent investor and railroad operator could become messy. The meeting and proxy contest took place Wednesday, and it looks like the messy prognosticators were right....

TCI: Winning the battle but losing the war?

[Posted on June 20, 2008 at 5:15 PM]

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Filed under: Editor's Choice | Hedge Clipper | Proxy Fight

It looks like The Children's Investment Fund may be winning its battle over the future of railroad operator CSX Corp. But is the hedge fund losing the war when it comes to the future of its activist strategy?...

Schumer may propose bill concerning CSX ruling

[Posted on June 18, 2008 at 5:05 PM]

A battle over whether some activist hedge fund managers will be able to continue to sneak up on certain target corporations is being waged in the courts, the Securities and Exchange Commission and now even on Capitol Hill....

Goldman Sach's William Anderson on shareholder activism

[Posted on June 13, 2008 at 3:25 PM]

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Filed under: Hedge Clipper | Hostile takeover | Proxy Fight

William Anderson, a managing director at Goldman, Sachs & Co., discussed why shareholder activism is growing at the International Bar Association's Mergers and Acquisitions conference....

Court hands hedge fund TCI a loss

[Posted on June 12, 2008 at 11:32 AM]

A federal judge late Wednesday ruled that two activist hedge fund managers violated Securities and Exchange Commission disclosure rules when buying large stakes in railroad operator CSX Corp....

Icahn blasts Yahoo! chairman

[Posted on June 9, 2008 at 3:43 PM]

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Filed under: Hedge Clipper | Microsoft/Yahoo | Proxy Fight | Roll Call

The war of words between Carl Icahn and Yahoo! Inc. resumed this morning when the activist investor issued a response to the company's retort on Friday. In his letter, Icahn continues to take aim at the severance program Yahoo! adopted after Microsoft Corp. offered to buy the company in February and argues that he has offered a substantive strategic plan for the company. See the full story from Tech Confidential...

Icahn fires new shot at Biogen Idec

[Posted on June 5, 2008 at 3:56 PM]

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Filed under: Dealmakers | Healthcare | Hedge Clipper | Proxy Fight

In his latest move against Biogen Idec Inc., financier Carl Icahn Thursday accused the Cambridge, Mass., biotech company of falsely portraying an auction process, which was terminated in mid-December 2007. Biogen released documents about the sale process on May 30 in response to a lawsuit filed by Icahn....

ISS says yes to Discovery's 'vote no' campaign at SBS

[Posted on May 30, 2008 at 11:37 AM]

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Filed under: Hedge Clipper | Media | Proxy Fight

Discovery Equity Partners LP is hoping institutional investors recognize that investors are being kept down by a dual-class structure at a Florida broadcaster, Spanish Broadcasting System Inc. Now the insurgent fund manager has some high-profile help....

Activist fund wins concessions from driller Vaalco

[Posted on May 27, 2008 at 1:53 PM]

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Filed under: Corporate restructuring | Energy | Hedge Clipper | Proxy Fight

Houston oil explorer Vaalco Energy Inc. late Friday settled a proxy contest with New York hedge fund Nanes Delorme Partners I LP, which had pushed for a slate of three to its board....

Activist campaigns, proxy fights hit all time high

[Posted on May 22, 2008 at 4:42 PM]

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Filed under: Editor's Choice | Hedge Clipper | Proxy Fight

For those observers predicting activist hedge fund managers would quietly go home and wait out the current credit crunch (you know who you are), then take a look at a recent report put out by FactSet SharkWatch....

Icahn blasts Obama at investor conference

[Posted on May 22, 2008 at 1:35 PM]

During the Ira W. Sohn Investment Research Conference on Wednesday at the Frederick P. Rose Hall in New York City, a packed house of Wall Street's finest with BlackBerries ready eagerly awaited Carl Icahn's next hot stock tip or a big update about his Yahoo! Inc. proxy fight. What they did not expect was for the billionaire investor to use his 15 minute speech to discuss politics, using the forum to vent his not-so-kind views on Democratic presidential hopeful Sen. Barack Obama of Illinois. ...

Obrem loses campaign against Micrel

[Posted on May 20, 2008 at 4:27 PM]

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Filed under: Hedge Clipper | Proxy Fight

As predicted, semiconductor company Micrel Corp. has declared victory in its battle to keep its current board intact, issuing an early tally of Tuesday's shareholder vote that added up to a loss for activist investor Obrem Capital Management and its four-person slate. Micrel said shareholders "overwhelmingly" rejected all of Obrem's proposals, which also included removing the company's poison pill and expanding its board. - Olaf de Senerpont Domis For more, see The Deal's Tech Confidential blog....

Will the Icahn blog read like his letters?

[Posted on May 15, 2008 at 3:35 PM]

Earlier in the year, activist investor Carl Icahn announced his intentions to join the blogosphere with the Icahn Report. Unfortunately, his lawyers allegedly have held him back from launching the effort. We can't wait to put it in our RSS readers because we're hoping it will include more humorous anecdotes about fellow dealmakers like Apollo Management LLP's Leon Black and attorney Joe Jamail. However, to tide us over, we'll just ruminate over his letter to Yahoo! Inc. chairman Roy Bostock, after the jump. - Matthew Wurtzel...

Jana's Cnet win the latest in a series of hedge fund campaigns

[Posted on May 15, 2008 at 1:59 PM]

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Filed under: Hedge Clipper | M&A | Media | Proxy Fight

Jana Partners LLC and Sandell Asset Management Corp. are the latest activist investors to win a campaign against a media company as target Cnet Networks Inc. agreed to a $1.8 billion offer from CBS Corp. With the latest victory, insurgent shareholders will certainly ratchet up their efforts against other media companies....

A Charming deal for activists

[Posted on May 8, 2008 at 3:56 PM]

Charming Shoppes Inc. has ended a long and exhaustive proxy fight with activist investors Crescendo Partners II LP and Myca Partners. In an 11th-hour agreement with the 8% stakeholders on Thursday, the day Charming Shoppes was scheduled to hold its annual shareholders meeting, the plus-size clothing retailer agreed to nominate to its board two of the activists' three nominees including turnaround specialist Michael Appel and Crescendo director Arnaud Ajdler....

Sun setting on Furniture Brands' independence

[Posted on May 1, 2008 at 3:39 PM]

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Filed under: Corporate restructuring | Hedge Clipper | Private Equity | Proxy Fight

Activist investor Sun Capital Securities Group LLC, which is pushing for changes at Furniture Brands International Inc., is reaping the reward of its support from proxy advisory services firm Institutional Shareholder Services Inc. Next stop, sale?...

As activists seek change, Charming Shoppes looks to sell assets

[Posted on April 25, 2008 at 3:14 PM]

A duo of activist investors seems to be having mixed luck with its efforts to press for changes at Charming Shoppes Inc., a Bensalem, Pa.-based retailer of women's plus-size apparel best known for its Lane Bryant brand....

Harbinger wins seats on Media General's board

[Posted on April 24, 2008 at 5:50 PM]

Media General Inc. shareholders elected three directors nominated by dissident shareholders, Harbinger Capital Partners. The new directors include former broadcasting executive J. Daniel Sullivan, investment manager F. Jack Liebau Jr. and turnaround consultant Eugene I. Davis....

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The Deal Calendar: July 7-July 11, 2008

Suzanne Stevens speaks with Matt Wurtzel about potential deals in the video gaming sector.