Teach Claude to argue like an activist investor.

Trian Partners Oct 16, 2011

State Street Corporation STT

State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.

N4 V3 C3

⌂ ◫ ” ⇌

↗ source

Sandell Oct 01, 2011

Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.

N4 V3 C2

⌂ ◫

↗ source

Third Point Sep 14, 2011

Yahoo! Inc. YHOO

Yahoo's Asian assets and cash alone cover its $14 price; with a new board and unlocked 40% Alibaba stake, intrinsic value is $20-32 per share — 40-122% upside.

N4 V3 C3

⌂ ◫ ⚑

↗ source

JANA Partners Aug 22, 2011

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 C2

⌂ ◫ ”

↗ source

Pershing Square May 26, 2010

General Growth Properties GGP

At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.

N5 V3 C4

⌂ ◫ ”

Pershing Square May 11, 2009

Target Corporation TGT

Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.

N4 V3 C3

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Pershing Square Nov 19, 2008

Target Corporation TGT

Target's land is mispriced inside a 5.8x retail multiple; a <20% IPO of 'TIP REIT' followed by a tax-free spin re-rates the real estate at REIT multiples and lifts the stock from $37 to $67 now, $80 by 2010.

N5 V3 C3

⌂ ◫ ”

Pershing Square Oct 29, 2008

Target Corporation TGT

Target's owned real estate is a $39bn hidden asset; a tax-free land-only REIT spin (TIP REIT) with a 75-year master lease unlocks ~$30/share and 74% upside.

N5 V3 C3

⌂ ◫ ⇌

Pershing Square May 21, 2008

Wendy's International WEN

Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.

N5 V3 C3

⌂ ◫ ⇌

Pershing Square Nov 09, 2006

Borders Group, Inc. BGP

Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.

N4 V3 C3

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Carl Icahn Feb 01, 2006

Time Warner Inc. TWX

Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.

N5 V4 C4

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Pershing Square Jan 18, 2006

McDonald's Corporation MCD

McDonald's is fundamentally a franchise and real-estate royalty company hidden inside an underperforming restaurant operator; a 20% McOpCo IPO and segment financials force a sum-of-parts rerating to $46-$50/share.

N5 V3 C3

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Pershing Square Nov 15, 2005

McDonald's Corporation MCD

McDonald's is a hidden real-estate and franchise business trading as a restaurant operator; IPO'ing 65% of McOpCo and re-levering PropCo unlocks $45-50 per share, a 37-52% premium.

N5 V3 C3

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Starboard Value —