270 documents showing 241–270
Darden Restaurants, Inc. DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
N4
V2
C2
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Sotheby's BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
N4
V3
C3
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Darden Restaurants, Inc. DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
N5
V3
C3
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Bob Evans Farms, Inc. BOBE
Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.
N4
V3
C3
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Health Management Associates HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
N4
V2
C2
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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
C3
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Agrium Inc. AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
N4
V3
C3
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Date
Fund
Target
Thesis
Scores
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.
N5
V3
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's brands and real estate are worth $67-$86/share vs. $48 today — replace the entire board to execute the Brinker playbook: operational turnaround, real-estate separation, SRG spin-off.
N5
V3
May 22, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
N4
V2
May 20, 2014
Spruce Point Capital
iRobot Corp
IRBT
IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.
N4
V3
Apr 22, 2014
Pershing Square
Allergan, Inc.
AGN
Allergan shareholders should accept Valeant's bid: Valeant is an 'Outsider'-style acquirer (25x TSR under Pearson) whose lean R&D and platform M&A will compound Val-gan's value far beyond Allergan standalone.
N5
V3
Apr 01, 2014
Third Point
Sotheby's
BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
N4
V3
Mar 31, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
N5
V3
Sep 02, 2013
Muddy Waters
Olam International
OLAM
Ten months after our initial short, Olam's FY13 results confirm the thesis: 1.8% ROA, S$800m cash burn, ossified board, no acknowledgement of the over-leverage problem.
N3
V1
Sep 01, 2013
Sandell
Bob Evans Farms, Inc.
BOBE
Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.
N4
V3
Aug 02, 2013
Starboard Value
Office Depot, Inc.
ODP
Office Depot's entrenched board has destroyed value for years; replace four incumbents with Starboard's retail-experienced nominees to lift operating margins from 0.9% to 7.3% — standalone or merged with OfficeMax.
N4
V3
Aug 01, 2013
Glenview
Health Management Associates
HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
N4
V2
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
May 13, 2013
Starboard Value
DSP Group, Inc.
DSPG
DSP has burned $557M on failed new products while its profitable cordless-telephony core erodes; new independent directors can right-size costs and unlock SiTel-level margins.
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
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
Jan 01, 2013
JANA Partners
Agrium Inc.
AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
N4
V3
May 31, 2012
Elliott Management
BMC Software
BMC
BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.
N5
V3
May 23, 2012
Starboard Value
AOL, Inc.
AOL
AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.
N4
V3
Feb 06, 2012
Pershing Square
Canadian Pacific Railway
CP
CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.
N5
V4
Sep 14, 2011
Third Point
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
May 11, 2009
Pershing Square
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
Feb 01, 2006
Carl Icahn
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
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Engine Capital
Parkland Corporation
PKI
Parkland's board is running a sham strategic review to entrench itself; Engine demands a shareholder-driven board reconstitution before the 2025 Annual Meeting to unlock real value.
N3
V1
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Engine Capital
Lyft
LYFT
Lyft's entrenched, inexperienced board tolerates a dual-class structure, staggered seats and unoptimized balance sheet; replacing two directors unlocks governance reform and a $750mm ASR.
N3
V1
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Oasis Management
Kao Corporation
4452 JT
Kao's iconic cosmetics brands are underutilized by passive management; prioritizing international growth, hiring a global CMO, and refreshing the board unlock JPY10,000/share — a 76% upside.
N3
V2
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Oasis Management
Kao Corporation
4452.JP
Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.
N5
V4
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Trian Partners
The Walt Disney Company
DIS
Disney has lost its way and underperformed peers; replacing two long-tenured directors with Nelson Peltz and former Disney CFO Jay Rasulo will restore accountability and shareholder returns.
N3
V3