413 documents showing 361–413
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
C3
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Brookdale Senior Living Inc. BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
V3
C3
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Darden Restaurants DRI
Darden, the largest full-service restaurant company, trails peers on margins and total return; an operational fix, REIT spin, and SRG separation can unlock substantial value.
N3
V3
C3
⌂
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 sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
N4
V3
C3
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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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FirstGroup plc FGP
FirstGroup's post-Laidlaw complexity and high-cost debt have crushed returns; spinning FirstGroup US to yield-hungry US investors, selling Greyhound, and right-sizing the balance sheet unlocks up to 191p.
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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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
C3
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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
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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Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
C2
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TPC Group Inc. TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
N4
V2
C2
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Lazard Ltd LAZ
Lazard's premier advisory and asset-management franchise trades at a discount; executing the April 2012 plan to 25%+ margins, disciplined capital return, and stronger governance can nearly double the stock to ~$51.
N4
V3
C3
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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
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Rubicon Limited RBC
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
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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
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Date
Fund
Target
Thesis
Scores
Mar 17, 2015
Land & Buildings
MGM Resorts International
MGM
MGM's US real estate is buried inside a 10x-EBITDA C-corp; a REIT conversion plus lodging-C-corp spin and MGM China dividend can lift NAV from $33 to $55 per share.
N4
V2
Feb 17, 2015
Trian Partners
E.I. du Pont de Nemours and Company (DuPont)
DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
Feb 01, 2015
Sandell
Brookdale Senior Living Inc.
BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square Portfolio (multi-position annual update)
Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.
N3
V3
Nov 06, 2014
Pershing Square
Herbalife Ltd.
HLF
Pershing urges Herbalife's first-ever Chief Compliance Officer to build a genuinely independent program, because a 4-million-distributor pyramid cannot survive real enforcement of its own rules.
N4
V2
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
Sep 09, 2014
Starboard Value
Darden Restaurants
DRI
Darden, the largest full-service restaurant company, trails peers on margins and total return; an operational fix, REIT spin, and SRG separation can unlock substantial value.
N3
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 05, 2014
Pershing Square
Fannie Mae & Freddie Mac
FNMA / FMCC
Fannie and Freddie — not liquidated — should be reformed into higher-capitalized mortgage guarantors; at 60–100bps g-fees the GSEs are worth $23–$47/share versus $3.98 today.
N4
V3
Apr 22, 2014
Marcato
Sotheby's
BID
Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
N4
V3
Apr 01, 2014
Carl Icahn
eBay
EBAY
13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.
N3
V2
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-off traps ~$850m of real estate value at a trough multiple; shareholders must force a Special Meeting to halt this irreversible mistake.
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
Jan 15, 2014
Sandell
FirstGroup plc
FGP
FirstGroup's post-Laidlaw complexity and high-cost debt have crushed returns; spinning FirstGroup US to yield-hungry US investors, selling Greyhound, and right-sizing the balance sheet unlocks up to 191p.
N4
V3
Dec 19, 2013
Muddy Waters
NQ Mobile, Inc.
NQ
NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.
N4
V2
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
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
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 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
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
Mar 01, 2013
Relational Investors
The Timken Company
TKR
Timken's bearings-plus-steel conglomerate masks value; separating the two pure-plays unlocks 29% upside to $68 and ends Timken-family board capture entrenching the status quo.
N4
V3
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
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
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
Oct 01, 2012
ValueAct
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
Oct 01, 2012
Sandell
TPC Group Inc.
TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
N4
V2
Jul 18, 2012
Muddy Waters
New Oriental Education & Technology Group
EDU
New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.
N5
V2
Jun 18, 2012
Trian Partners
Lazard Ltd
LAZ
Lazard's premier advisory and asset-management franchise trades at a discount; executing the April 2012 plan to 25%+ margins, disciplined capital return, and stronger governance can nearly double the stock to ~$51.
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
Oct 16, 2011
Trian Partners
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
Oct 01, 2011
Sandell
Rubicon Limited
RBC
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
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
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
Mar 09, 2011
Elliott Management
Iron Mountain Incorporated
IRM
Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.
N4
V3
Oct 06, 2009
Pershing Square
Realty Income Corporation
O
Realty Income trades at a 7.3% cap rate — a ~40% premium to 10-11% private-market rates for the same junk-credit retail properties; downside to ~$14 (-46%).
N5
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
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Viceroy Research
Quintis Limited
QIN
Quintis is a Ponzi-like Australian sandalwood MIS where bogus sales channels, CEO cash-skimming via Arwon Finance, and conflicted experts mask fraud — equity worth $0.00.
N4
V2
—
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
—
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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TCI Fund
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.
N2
V2
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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