495 documents showing 241–300

Teck Resources TECK

Teck is the overlooked pick-axes play on the EV/green-electrification copper boom — QB2 doubles its copper mix and at forward-curve copper the stock is worth ~C$59, nearly double.

Box, Inc. BOX

Box has underperformed cloud peers for years despite engagement, and the Board just cut a dilutive financing to 'buy the vote' — Starboard nominates four directors to force real transformation.

Box, Inc. BOX

After a failed 2020 settlement, Starboard will nominate directors at Box's 2021 Annual Meeting, citing missed growth targets and a $500M convertible preferred it calls a 'buy the vote' scheme.

Hilton Grand Vacations HGV

HGV is overpaying 10x EBITDA for Diamond and handing Apollo effective control with no premium; standalone HGV is worth $55 — shareholders should vote AGAINST.

Pershing Square Holdings (own fund) PSH

PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps

Forward Air Corporation FWRD

Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.

Corteva, Inc. CTVA

Corteva's spin-off potential is squandered by CEO Jim Collins and a complacent Board; Starboard nominates eight directors to force leadership change and unlock operating value.

Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)

Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.

Sampo Oyj SAMPO

Sampo core insurance has de-rated ~8x P/E vs Nordic peers since 2018

Invesco Ltd. IVZ

Trian is now Invesco's second-largest shareholder with ~9.9% of common stock

The Walt Disney Company DIS

Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.

Apartment Investment and Management Company AIV

AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.

Crown Castle International CCI

Crown Castle's fiber capex earns just 3% ROI versus ~20% for its tower business

D.R. Horton and Invitation Homes DHI/INVH

COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.

Alexion Pharmaceuticals, Inc. ALXN

Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.

GCP Applied Technologies GCP

Starboard rebuts GCP: stock has lagged peers on every milestone since the 2016 spin-off, and Starboard's superior director slate can finally drive the turnaround management hasn't delivered.

Empire State Realty Trust ESRT

Empire State Realty Trust is uniquely exposed to NYC's 'existential hurricane' — COVID, WFH, SALT cap, and WeWork's collapse crush demand while observation-deck revenue vanishes, driving shares substantially lower.

GCP Applied Technologies GCP

Four years post-spinoff, GCP has lagged peers on growth, margins, and stock price under an insular, interconnected Board; replace nine directors and unlock ~600 bps of EBIT margin expansion.

Wirecard AG WDI

KPMG could not verify 2016-2018 revenue from Third Party Acquiring partners after a 6-month forensic audit

Pershing Square Holdings (fund) — portfolio includes Agilent, Berkshire Hathaway, Chipotle, Hilton, Restaurant Brands, Lowe's, Howard Hughes, Fannie Mae/Freddie Mac PSH

PSH delivered 58.1% NAV return in 2019, beating S&P by 2,660bps — return to roots is working

eBay Inc. EBAY

eBay is deeply undervalued; separating Classifieds at peer-level ~22x EBITDA multiples and enforcing a more aggressive Marketplace cost and revenue plan would unlock substantial upside versus today's 8.1x multiple.

Ferrovial FER

TCI, a ~1% shareholder, commends Ferrovial's CDP 'A' grade but presses for stronger SBTI-aligned targets, RE100 membership, and leadership in de-carbonising aviation and road transport.

S&P Global SPGI

TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.

Canadian Pacific Railway CP

TCI, owner of ~8% of Canadian Pacific, demands the railroad close its CDP climate-disclosure gap versus peers CN and UNP and adopt a credible science-based transition plan.

Airbus AIR

TCI, a 1.5% Airbus shareholder since 2012, demands stronger climate disclosure, an A-grade CDP score, and Airbus leadership in mandating low-carbon synthetic aviation fuels — or TCI will vote against directors.

Alphabet Inc. GOOGL

TCI, a 0.6% Alphabet holder, commends Alphabet's A-grade CDP disclosure and codifies its stewardship stance: full CDP reporting, Paris-aligned transition plans, or votes against directors and auditors.

Ferguson plc FERG

Ferguson is a US specialty distributor trapped in a UK listing; demerging Wolseley and relisting in the US closes a 10.4x-vs-17.2x EBITDA peer gap.

AT&T T

Unizo Holdings Company 3258.T

Unizo's employee-buyout 'mechanism' was invented after the fact to favor a friendly bidder

Marathon Petroleum Corporation MPC

Separating Marathon into three independent businesses unlocks $22-$40bn of value (60%+ upside)

AT&T Inc. T

AT&T T

United Technologies; ADP UTX; ADP

PSH exited United Technologies as of June 10, 2019

AECOM ACM

AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.

Sony Corporation 6758.T

Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.

N/A (Japanese M&A regulatory guidelines; Alps Alpine cited as precedent)

Dealreporter coverage of Japan's new METI M&A guidelines that strengthen special committees and independent directors in MBOs, with Oasis Management endorsing the reforms as minority-shareholder protection.

Legg Mason LM

Trian owns ~4.5% and returns as a significant shareholder

Bristol-Myers Squibb BMY

BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.

Bristol-Myers Squibb BMY

BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.

Telecom Italia TIT.MI

Vivendi's control of TIM destroyed 54% of shareholder value

Bristol-Myers Squibb Company BMY

Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.

Bristol-Myers Squibb Company BMY

Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.

Magellan Health, Inc. MGLN

Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.

Pershing Square Holdings, Ltd. (annual portfolio update; covers CMG, ADP, QSR, LOW, SBUX, HLT, UTX, HHC, FNMA/FMCC) PSH

PSH trades at 27% discount to NAV despite 13.8% net CAGR since 2004 vs 8.4% for S&P 500

Dollar Tree, Inc. DLTR

Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.

QEP Resources, Inc. QEP

QEP's core-of-the-core Permian assets are stranded in a broken public-company wrapper; Elliott offers $8.75/share cash — a 44% premium — to deliver certain value through sale.

Cars.com Inc. CARS

Starboard, a ~10% holder, warns Cars.com's board that serial guide-downs must end with credible 2019-2021 targets, a third independent director, and — absent improvement — management change or a sale.

Mitek Systems, Inc. MITK

Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.

Dell Technologies (Class V / DVMT tracking stock) DVMT

Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.

PPG Industries, Inc. PPG

PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.

Starbucks SBUX

Dominant global coffee brand trading at 22x forward P/E vs. 26x historical average

Campbell Soup Company CPB

Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.

Nestlé S.A. NESN

Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.

SandRidge Energy SD

SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.

athenahealth, Inc. ATHN

Elliott's $160 cash offer for athenahealth is being stonewalled by a disengaged board; immediate engagement on a take-private transaction is the value-maximizing path for shareholders.

Taubman Centers, Inc. TCO

Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.

athenahealth, Inc. ATHN

Elliott offers $160/share cash for athenahealth — a 27% premium valuing the company at ~$6.9bn — arguing chronic execution failures make going private the only path to realizing its HCIT potential.

Telecom Italia (TIM) TIT.MI

Vivendi holds only 18% economic stake yet controls TIM to its own benefit

Assured Guaranty AGO

Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.

Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS

Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed