76 documents showing 61–76

Jul 01, 2013

Glenview

Health Management Associates HMA

HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.

N5 V3

Jun 06, 2013

Oasis Management

Nintendo Co., Ltd. 7974.T

Nintendo trades at 0.9x book with 67% of market cap in net cash; publishing Mario and Pokémon on iOS/Android unlocks freemium upside of 97-240%.

N5 V3

Jun 01, 2013

Sandell

Spectra Energy Corp SE

Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).

N4 V3

May 08, 2013

Pershing Square

Procter & Gamble PG

P&G is a world-class franchise vastly under-earning under a distracted CEO McDonald; restoring 5% growth and 24% EBIT margins lifts EPS to $6 and shares 60% to $125.

N4 V3

Apr 30, 2013

Starboard Value

Tessera Technologies Inc. TSRA

Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.

N4 V3

Apr 15, 2013

Elliott Management

Hess Corporation HES

Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.

N5 V4

Mar 01, 2013

Elliott Management

Hess Corporation HES

Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.

N5 V4

Feb 21, 2013

Greenlight Capital

Apple Inc. AAPL

Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.

N5 V3

Feb 19, 2013

JANA Partners

Agrium AGU

Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.

N4 V3

Feb 08, 2013

Muddy Waters

Olam International Ltd. OLAM

Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.

N3 V1

Jan 29, 2013

Elliott Management

Hess Corporation HES

Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.

N5 V4

Jan 18, 2013

TPG-Axon

SandRidge Energy SD

CEO Tom Ward's family entities systematically flipped Mississippian Lime mineral rights to SandRidge and competed for adjacent acreage—evidence of self-dealing that warrants a board investigation and potential termination.

N4 V3

May 16, 2012

Pershing Square

J.C. Penney Company, Inc. JCP

JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.

N5 V4

Nov 29, 2011

Muddy Waters

Focus Media Holding FMCN

FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.

N4 V2

Nov 21, 2011

Muddy Waters

Focus Media Holding Ltd. FMCN

Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.

N5 V2

Aug 22, 2011

JANA Partners

The McGraw-Hill Companies MHP

McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.

N4 V3