34 documents showing 1–34
Toyota Industries Corporation 6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
N5
V4
C4
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Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
N5
V4
C4
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AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
C3
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General Electric GE
GE has quietly pivoted to a focused industrial post-GE Capital exit; executing 16% margins, prudent leverage and ~$100bn of buybacks gets the stock to $40-$45 by end-2017.
N4
V3
C2
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Date
Fund
Target
Thesis
Scores
Jan 27, 2026
Spruce Point Capital
Resideo Technologies, Inc.
REZI
Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.
N4
V3
Jan 27, 2026
Elliott Management
Toyota Industries Corporation
6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
N5
V4
Jan 27, 2026
Elliott Management
Toyota Industries Corporation
6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
N5
V4
Jan 18, 2026
Elliott Management
Toyota Industries Corporation
6201
Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.
N4
V3
Jan 18, 2026
Elliott Management
Toyota Industries Corporation
6201
Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.
N5
V4
Aug 27, 2025
Grizzly Research
Archer Aviation Inc
ACHR
Archer Aviation is 'the Nikola of the skies' — the Midnight eVTOL is uncertifiable, the Covington factory sits idle, and the $6B order book is built on shell companies and cancelled deals.
N4
V3
May 16, 2025
Ancora
Forward Air Corporation
FWRD
Ancora urges FWRD shareholders to vote AGAINST Chair Mayes, Polit, and Tucker — the directors behind the disastrous 2023 Omni acquisition that destroyed ~80% of equity value — to force an expedited sale.
N4
V4
Oct 22, 2024
Elliott Management
Southwest Airlines
LUV
Elliott nominates David Cush, former Virgin America CEO, to Southwest's board as part of an eight-director slate to restore the airline's operational and financial performance.
N2
V2
Oct 15, 2024
Elliott Management
Southwest Airlines Co.
LUV
Elliott — ~11% owner of LUV — is running a proxy fight to replace Southwest's board with eight airline-veteran directors and restore the carrier to industry-leading performance.
N2
V3
Sep 26, 2024
Elliott Management
Southwest Airlines
LUV
Elliott, with ~11% of Southwest, calls the management team the worst in airlines and nominates ten independent directors to replace the CEO and restore industry-leading performance.
N3
V3
Sep 24, 2024
Elliott Management
Southwest Airlines
LUV
Southwest has become the industry's worst-performing airline under current leadership; Elliott nominates ten independent directors to replace the CEO and restore best-in-class performance.
N3
V3
Sep 24, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's failed leaders are using a poison pill and 'false record dates' to dodge accountability; Elliott will call a special meeting to replace the Board and CEO Bob Jordan.
N3
V2
Sep 10, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest is the most compelling airline turnaround in two decades; replacing the entrenched CEO and Board with Elliott's ten nominees restores efficiency, product, and reliability.
N3
V4
Aug 26, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.
N4
V2
Jul 08, 2024
Elliott Management
Southwest Airlines Co.
LUV
Southwest's board entrenched itself with a poison pill instead of fixing chronic underperformance; Elliott demands CEO Bob Jordan out, the board reconstituted, and an external-led turnaround.
N3
V2
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Elliott's $1.9bn, 11% stake argues Southwest's 50% decline reflects an insular 1971-era leadership culture; replacing the Chairman/CEO and refreshing the board can drive shares to $49 (+77%).
N4
V2
Jun 10, 2024
Carl Icahn
Southwest Airlines
LUV
Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.
N5
V4
Apr 22, 2024
Ancora
Norfolk Southern
NSC
Norfolk Southern is the only Class I rail without PSR; electing Ancora's seven nominees replaces Alan Shaw with Barber and Boychuk to redesign the network and reach $420/share.
N4
V3
Apr 15, 2024
Ancora
Norfolk Southern Corporation
NSC
Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.
N5
V4
Mar 26, 2024
Ancora
Norfolk Southern
NSC
Norfolk Southern is the worst-performing Class I railroad under CEO Alan Shaw's failed 'resilience railroading'; elect Ancora's slate to install Jim Barber as CEO, adopt true PSR, and unlock ~60% upside.
N4
V3
Feb 05, 2024
Ancora
Norfolk Southern Corporation
NSC
Norfolk Southern's safety and operating failures — epitomized by the preventable East Palestine derailment — require replacing CEO Alan Shaw and reconstituting the Board with independent nominees.
N3
V2
Oct 04, 2023
Spruce Point Capital
Rollins Inc.
ROL
Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.
N4
V3
Feb 22, 2023
Soroban
Union Pacific Corporation
UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
N5
V4
Feb 08, 2023
Ancora
Ritchie Bros. Auctioneers
RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
N4
V3
Aug 31, 2021
TCI Fund
Canadian National Railway
CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
N4
V3
Feb 16, 2021
Ancora
Forward Air Corporation
FWRD
Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.
N4
V2
Jun 20, 2019
Starboard Value
AECOM
ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
Apr 11, 2017
Elliott Management
Arconic Inc.
ARNC
Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.
N5
V4
Oct 05, 2015
Trian Partners
General Electric
GE
GE has quietly pivoted to a focused industrial post-GE Capital exit; executing 16% margins, prudent leverage and ~$100bn of buybacks gets the stock to $40-$45 by end-2017.
N4
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
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