113 documents showing 1–60
Welltower Inc. WELL
Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.
Pershing Square Holdings PSH.L
PSH NAV grew 20.9% and TSR 33.9% in 2025, beating S&P, FTSE 100 and HFRX Activist indices
Toyota Industries Corporation 6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
Toyota Industries Corporation 6201
Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.
Tripadvisor, Inc. TRIP
Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.
Forward Air Corporation FWRD
Ancora urges FWRD shareholders to vote AGAINST Chair Mayes, Polit, and Tucker — the directors behind the disastrous 2023 Omni acquisition that destroyed ~80% of equity value — to force an expedited sale.
Phillips 66 PSX
Phillips 66 has trailed Valero and Marathon by 138-188% over a decade while paying its CEOs $140M; Elliott's four nominees will simplify the conglomerate and unlock 75%+ upside.
Phillips 66 PSX
Phillips 66's conglomerate structure masks value; electing Elliott's four nominees to execute the Streamline 66 plan and fix governance lifts shares from $103 to $180+ (75% upside).
Phillips 66 PSX
Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.
Phillips 66 PSX
Phillips 66 is deeply undervalued under a conflicted, overpaid leadership team; electing Elliott's four directors and adopting the Streamline 66 portfolio-simplification plan could unlock 75%+ upside.
Phillips 66 PSX
Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.
Phillips 66 PSX
Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.
Phillips 66 PSX
Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).
Phillips 66 PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
Phillips 66 PSX
Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.
Phillips 66 PSX
Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.
Phillips 66 PSX
Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.
Phillips 66 PSX
Phillips 66's conglomerate structure and failed governance have cost shareholders 97% vs. peers; spinning Midstream and reconstituting the board targets $183/share — +75% upside.
Phillips 66 PSX
Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.
Phillips 66 PSX
Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.
Phillips 66 PSX
Phillips 66 is a wonderful company with fantastic assets trapped inside a complex structure; electing Elliott's nominees and simplifying the portfolio unlocks long-term shareholder value.
Keisei Electric Railway 9009
Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.
Phillips 66 PSX
Phillips 66's conglomerate structure suppresses refining performance; spinning midstream and electing Elliott's four nominees replicates Marathon's ~150% outperformance playbook and restores PSX to industry leadership.
Phillips 66 PSX
Phillips 66 is an underperforming energy conglomerate whose midstream and non-core assets should be sold or spun, with four Elliott nominees added to the board to drive the Streamline 66 plan.
Phillips 66 PSX
Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.
Phillips 66 PSX
Elliott's $2.5B Phillips 66 stake argues that unlocking midstream value, returning capital and upgrading the board can drive PSX from $120 to $200+, a 65% upside.
Phillips 66 PSX
PSX has underperformed peers for a decade and the CEO is talking down the stock
Phillips 66 PSX
Streamline 66 plan could boost Phillips 66 stock 65%+ (from $120 to $200)
Phillips 66 PSX
Phillips 66 trades at $120 vs. Elliott's $200 Streamline 66 target — 65% upside
Phillips 66 PSX
Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.
Phillips 66 PSX
Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.
Phillips 66 PSX
Phillips 66's refining kit rivals Valero's, but weak commercial execution and bloated corporate leave a multi-dollar EBITDA-per-barrel gap that Streamline66 — portfolio fixes and a refreshed board — closes.
Kao Corporation 4452.JP
Kao is Japan's underperforming FMCG giant; adding five expert directors with FMCG, cosmetics and digital expertise plus performance-aligned pay can close the peer gap and revive growth.
United States Steel Corporation X
U.S. Steel has lagged peers by 227 points under Burritt; with the Nippon deal dead, Ancora's slate would install Stelco-turnaround CEO Kestenbaum to fix the company as a standalone public co.
Phillips 66 PSX
Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.
Phillips 66 PSX
Conglomerate structure hides a Midstream worth >$40bn standalone; market gives refining ~$1bn of credit
Phillips 66 PSX
Inefficient conglomerate structure trades like a refiner despite ~40% of EBITDA from midstream
Fannie Mae and Freddie Mac FNMA / FMCC
Treasury's warrants and residual stake could generate ~$300bn for taxpayers over time
Kao Corporation 4452
Kao is a sleeping FMCG giant whose under-ambition, inefficiency, and lack of focus have destroyed EVA; adding five independent directors with FMCG operating experience can unlock peer-level returns.
Dye & Durham Limited DND
Dye & Durham's Board and CEO Matt Proud destroyed value chasing a $1bn EBITDA target through reckless M&A; Engine's six-director slate and new CEO can triple the share price to $46 in three years.
Rio Tinto RIO
Rio Tinto's 29-year-old dual-listed structure has destroyed ~US$50bn of value; unifying into a single Ltd-led entity unlocks +27% near-term upside and restores scrip-M&A firepower.
Public REIT sector (vs. private real estate)
Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.
Peloton Interactive PTON
Peloton's overlooked subscription business — 68% gross margins, 1.5% churn — can deliver $400-500M EBITDA once costs are right-sized, implying a $7.50-$31.50 share price versus $5.48 today.
Pfizer Inc. PFE
Pfizer destroyed $20-60bn of value since 2019 despite a $40bn COVID windfall; Starboard wants the board to hold Bourla accountable for peer-median R&D/M&A returns.
Pfizer Inc. PFE
Pfizer squandered its $40bn COVID windfall on overpriced M&A while delivering almost none of the 15 promised blockbusters; the Board must hold management accountable.
Southwest Airlines LUV
Southwest management has destroyed more value through inaction than anyone in the industry
Southwest Airlines LUV
Worst-performing management team in airlines has destroyed more value than any peer
Southwest Airlines LUV
Southwest is the most compelling airline turnaround opportunity in two decades
Southwest Airlines LUV
Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.
Southwest Airlines LUV
Southwest lost 50%+ of market value in 3 years while peers thrived
Southwest Airlines LUV
Southwest lost 50%+ of market value and EV is below the value of its aircraft alone
Southwest Airlines LUV
Southwest's outdated strategy collapsed margins from best-in-class 21% to worst-in-class 8%
Kao Corporation 4452.JP
Kao has top-decile brands (Curel, Biore, Molton Brown) but bottom-decile management with a 'growth allergy' — fixing it Beiersdorf-style unlocks 76-97% upside.
Norfolk Southern Corporation NSC
Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.
The Walt Disney Company DIS
Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.
The Walt Disney Company DIS
Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.
The Walt Disney Company DIS
Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.
The Walt Disney Company DIS
Disney's decade of underperformance stems from a passive Board; Trian's nominees Peltz and Rasulo will fix CEO succession, right-size legacy media, and drive DTC to Netflix-like 15-20% margins by 2027.