79 documents showing 61–79
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.
Inogen INGN
INGN's growth narrative rests on an inflated $3-4B TAM that Medicare data contradicts; under a realistic 1.3M-user market, peak unit sales arrive this year or next.
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.
Inogen INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
Inogen, Inc. INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
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.
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.
Mellanox Technologies, Ltd. MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.
The Procter & Gamble Company PG
P&G's insular board and suffocating matrix have driven a decade of share loss; adding Nelson Peltz as one of 11 directors — Heinz/Mondelez/Wendy's tested — would revitalize the $65bn giant.
Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
Cognizant Technology Solutions CTSH
Cognizant has deliberately capped margins at 19-20% for 20 years while revenue grew 70x
NQ Mobile NQ
NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.
Nintendo Co., Ltd. 7974
Nintendo's real competitor is now mobile; releasing five iOS/Android titles from its catalog would add ~73 billion Yen in annual EBITDA and unlock China's $9 billion gaming market.
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%.
TCI portfolio companies
Climate change is a material investment risk, so TCI demands portfolio companies disclose emissions and a credible transition plan, or face votes-against and divestment.