413 documents showing 61–120
Phillips 66 PSX
Phillips 66's quality refining and midstream assets are being wasted by entrenched leadership; vote the GOLD card to install four industry veterans and de-stagger the Board.
N2
V3
C3
Phillips 66 PSX
Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.
N2
V3
C3
”
⚑
Phillips 66 PSX
Phillips 66's world-class refining assets are underperforming Valero and Marathon because leadership has lost operating focus; Elliott's GOLD-card nominees can restore peer-leading excellence.
N3
V3
C3
”
⇌
Phillips 66 PSX
Phillips 66 has trailed Valero and Marathon by triple digits over a decade; an upgraded Board via Elliott's Gold Card slate is needed to end entrenchment and unlock value.
N3
V3
C3
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+.
N5
V4
C4
⌂
◫
”
⚑
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.
N3
V4
C4
⌂
Autodesk, Inc. ADSK
Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.
N4
V2
C2
⌂
”
⚑
Autodesk, Inc. ADSK
Autodesk has best-in-class 93% gross margins but bloated opex; disciplined cost cuts plus 55% incremental margins can lift adjusted operating margins to ~45% by FY2028.
N4
V3
C3
⌂
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.
N3
V4
C4
⌂
◫
”
⚑
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.
N4
V4
C4
⌂
”
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+.
N5
V4
C4
⌂
◫
”
⚑
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.
N5
V4
C4
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Date
Fund
Target
Thesis
Scores
Apr 11, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's quality refining and midstream assets are being wasted by entrenched leadership; vote the GOLD card to install four industry veterans and de-stagger the Board.
N2
V3
Apr 10, 2025
Elliott Management
Phillips 66
PSX
Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.
N2
V3
Apr 08, 2025
Spruce Point Capital
Monster Beverage Corp.
MNST
Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.
N4
V3
Apr 08, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's world-class refining assets are underperforming Valero and Marathon because leadership has lost operating focus; Elliott's GOLD-card nominees can restore peer-leading excellence.
N3
V3
Apr 04, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 has trailed Valero and Marathon by triple digits over a decade; an upgraded Board via Elliott's Gold Card slate is needed to end entrenchment and unlock value.
N3
V3
Apr 03, 2025
Elliott Management
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+.
N5
V4
Apr 02, 2025
Elliott Management
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.
N3
V4
Mar 27, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's CEO is talking down his own stock after a decade of underperformance; Elliott's Streamline66 slate targets a $200+ share price via a sum-of-parts breakup.
N4
V4
Mar 26, 2025
Starboard Value
Autodesk, Inc.
ADSK
Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.
N4
V2
Mar 25, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 is deeply undervalued; Elliott's Streamline 66 plan and four new directors can deliver 65%+ upside by repeating the Marathon Petroleum playbook.
N3
V4
Mar 24, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 is worth $200 — 65% above today's $120 — if shareholders elect Elliott's slate and force the Streamline 66 simplification plan.
N4
V4
Mar 19, 2025
Starboard Value
Autodesk, Inc.
ADSK
Autodesk has best-in-class 93% gross margins but bloated opex; disciplined cost cuts plus 55% incremental margins can lift adjusted operating margins to ~45% by FY2028.
N4
V3
Mar 18, 2025
Elliott Management
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.
N3
V4
Mar 11, 2025
Spruce Point Capital
Remitly Global, Inc.
RELY
Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.
N4
V3
Mar 06, 2025
Elliott Management
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.
N4
V4
Mar 04, 2025
Elliott Management
Phillips 66
PSX
Elliott escalates its Phillips 66 campaign by nominating seven independent directors and proposing annual board elections to force portfolio simplification, an operating review, and stronger oversight.
N2
V1
Feb 26, 2025
Oasis Management
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.
N5
V4
Feb 26, 2025
Oasis Management
Kao Corporation
4452 JT
Kao's world-class beauty brands are squandered by an insular Japanese board; adding five global FMCG outside directors and performance-linked pay can close the gap to L'Oreal and Beiersdorf.
N4
V2
Feb 19, 2025
Spruce Point Capital
Dycom Industries, Inc.
DY
Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.
N4
V3
Feb 19, 2025
Ancora
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.
N4
V4
Feb 18, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.
N4
V3
Feb 11, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's conglomerate structure traps value; spinning Midstream, selling the CPChem JV, and fixing refining lifts the stock from $120 to ~$200, with Marathon-style execution reaching $300+.
N5
V4
Feb 11, 2025
Elliott Management
Phillips 66
PSX
Phillips 66's conglomerate structure buries a world-class refiner and >$40bn midstream inside a low-multiple wrapper; spinning midstream, fixing refining and Marathon-style buybacks unlock $200-$300+ per share.
N5
V4
Feb 11, 2025
Elliott Management
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+.
N5
V4
Jan 23, 2025
Spruce Point Capital
Construction Partners, Inc.
ROAD
ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.
N4
V3
Dec 17, 2024
Engine Capital
Dye & Durham Limited
DND
Engine Capital's six-member slate and OneMove's nominee will replace the entire Dye & Durham board after overwhelming shareholder support forced incumbent directors to resign.
N2
V1
Dec 17, 2024
Oasis Management
Kao Corporation
4452
Kao's Nomination Committee rushed its 2025 AGM director slate two months early to bypass Oasis's five independent candidates — poor governance demanding a reopened, transparent process.
N3
V2
Dec 11, 2024
Oasis Management
Kao Corporation
4452
Kao's world-class FMCG brands are stalling under a passive Board; Oasis, now holding over 5%, will nominate five independent FMCG directors at the March 2025 AGM to unlock global growth.
N3
V2
Dec 05, 2024
Oasis Management
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.
N4
V4
Dec 01, 2024
Engine Capital
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.
N5
V4
Nov 11, 2024
Engine Capital
Dye & Durham Limited
DND
Engine (7.1%) urges Dye & Durham shareholders to replace an entrenched board presiding over management exodus, regulatory investigations, and blocked deals with six independent nominees at the December 17 meeting.
N3
V1
Nov 01, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, a 7.1% holder, nominates six directors to overhaul Dye & Durham's board, replace management, cut leverage to 3x, and close the valuation gap to ~20x EBITDA peers.
N2
V1
Oct 22, 2024
Elliott Management
Southwest Airlines
LUV
Elliott nominates David Cush, former Virgin America CEO, to Southwest's board as part of an eight-director slate to restore the airline's operational and financial performance.
N2
V2
Oct 21, 2024
Bluebell Capital
BP Plc
BP
Bluebell publishes ten pointed questions BP must answer at the 29 Oct 2024 Q3 call, demanding transparency on abandoned EBITDA, production and energy-transition targets and faulting Board oversight.
N3
V2
Oct 18, 2024
Spruce Point Capital
Erie Indemnity Company
ERIE
ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.
N4
V3
Oct 16, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, owning 7.1% of Dye & Durham, will run a board slate at the 2024 AGM, arguing a refreshed board can close the 8x-vs-18x EBITDA peer gap.
N2
V1
Oct 15, 2024
Elliott Management
Southwest Airlines Co.
LUV
Elliott — ~11% owner of LUV — is running a proxy fight to replace Southwest's board with eight airline-veteran directors and restore the carrier to industry-leading performance.
N2
V3
Oct 07, 2024
Bluebell Capital
BP Plc
BP
BP's ideologically driven 2023 strategy has failed; the Chair and Lead Independent Director must go, and the leaked U-turn on oil output breaches listing rules.
N3
V2
Oct 01, 2024
Starboard Value
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.
N5
V4
Oct 01, 2024
Starboard Value
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.
N5
V4
Sep 26, 2024
Elliott Management
Southwest Airlines
LUV
Elliott, with ~11% of Southwest, calls the management team the worst in airlines and nominates ten independent directors to replace the CEO and restore industry-leading performance.
N3
V3
Sep 25, 2024
Bluebell Capital
BP Plc
BP
BP's 2020 energy-transition strategy is collapsing in serial U-turns and missed targets; removing Chairman Helge Lund and Lead Independent Director Amanda Blanc is essential to restore accountability.
N4
V2
Sep 25, 2024
Engine Capital
Dye & Durham Limited
DND
Engine urges Dye & Durham's board to hold its 2024 AGM in December per TSX rules, or face board changes over entrenchment, delay tactics, and CEO Proud's destructive M&A.
N2
V1
Sep 24, 2024
Elliott Management
Southwest Airlines
LUV
Southwest has become the industry's worst-performing airline under current leadership; Elliott nominates ten independent directors to replace the CEO and restore best-in-class performance.
N3
V3
Sep 24, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's failed leaders are using a poison pill and 'false record dates' to dodge accountability; Elliott will call a special meeting to replace the Board and CEO Bob Jordan.
N3
V2
Sep 19, 2024
Engine Capital
Dye & Durham Limited
DND
Court dismissal of OneMove litigation removes any remaining excuse to delay the Special Meeting
N2
V2
Sep 13, 2024
Engine Capital
Upwork Inc.
UPWK
Engine argues Upwork is undervalued at ~6.5x EBITDA and that a refreshed board plus fixing the marketplace, focusing Enterprise, cutting bloat and aggressive buybacks unlocks substantial upside.
N4
V2
Sep 11, 2024
Engine Capital
Dye & Durham Limited
DND
Dye & Durham's board broke its no-M&A pledge, re-levered to 5.3x, and lost six executives; shareholders need a Special Meeting and board change to close the peer valuation gap.
N4
V2
Sep 10, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest is the most compelling airline turnaround in two decades; replacing the entrenched CEO and Board with Elliott's ten nominees restores efficiency, product, and reliability.
N3
V4
Sep 09, 2024
Starboard Value
News Corporation
NWSA
News Corp's dual-class structure entrenches a fractious Murdoch family with 14% economics but 41% of the vote; collapsing it would remove a governance discount already rejected by 90% of unaffiliated holders.
N3
V2
Sep 09, 2024
Starboard Value
News Corporation
NWSA
Starboard urges News Corp shareholders to vote to collapse the dual-class structure that gives the Murdoch family 41% voting power on only 14% economic ownership.
N3
V2
Aug 26, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.
N4
V2
Aug 08, 2024
Spruce Point Capital
Zebra Technologies Corp.
ZBRA
Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.
N4
V3
Aug 06, 2024
Starboard Value
Autodesk, Inc.
ADSK
Autodesk's premier 93%-gross-margin software franchise is squandered under CEO Anagnost; Starboard demands cost cuts, compensation overhaul, buybacks and CEO re-evaluation to reach 45%+ margins and ~$15.50 FCF/share by FY2027.
N4
V3
Aug 01, 2024
Starboard Value
Autodesk, Inc.
ADSK
Autodesk's premier software franchise is squandered under CEO Anagnost — peer-lagging margins, missed Investor Day targets and manipulated billings demand a Board-led overhaul to unlock 45% operating margins.
N4
V3
Jul 30, 2024
Engine Capital
C&C Group plc
CCR
C&C has lagged peers by 81% since its 2019 LSE listing under four CEOs and a board owning 0.05%; electing Engine's two nominees brings M&A and capital-allocation expertise.
N3
V2
Jul 23, 2024
Bluebell Capital
BP Plc
BP
BP's Board greenlit an unlawful solar-planning strategy and a value-destroying green pivot; replace the Chair, Senior Independent Director and CEO, or halt the renewables burn.
N4
V2
Jul 08, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's board entrenched itself with a poison pill instead of fixing chronic underperformance; Elliott demands CEO Bob Jordan out, the board reconstituted, and an external-led turnaround.
N3
V2
Jul 01, 2024
Spruce Point Capital
Floor & Decor Holdings, Inc.
FND
Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.
N4
V3
Jun 25, 2024
Starboard Value
Autodesk, Inc.
ADSK
Autodesk's Board tolerated years of underperformance and misleading billings disclosures; accountability, transparency, and a 1,000+ bps margin improvement can restore a best-in-class software franchise.
N4
V3