Callouts & quotes from 285+ activist slides

""Expedia to Spin Off TripAdvisor" — Scott Morrison, Wall Street Journal. "Barry Diller sells shares in TripAdvisor, steps down as chairman" — Business News."

"Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP"

"Expedia to Spin Off TripAdvisor — Scott Morrison (Wall Street Journal). Barry Diller sells shares in TripAdvisor, steps down as chairman — Business News."

"Spinal Tap, the fictitious 1980’s rock band and Nevro parable, explains the science behind the company’s “high frequency“ spinal cord stimulator."

"“These deficiencies have resulted in serious injury to tens of thousands of patients” — Consumer group warning regarding spinal cord stimulators."

"The Spin-Out Proposal effectively functions as “Poison Pill,” providing outsized fee structures for Management while limiting shareholder rights"

"Reassess the safety of all implanted spinal cord stimulators for pain relief and determine whether any of them should be removed from the market"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Spruce Point interviewed a former employee that highlighted Spine's challenges and how reporting can be used to minimize a struggling business."

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Spruce Point has a track record identifying education technology companies spinning exaggerated growth stories to justify their overvaluation."

"Proposed terms of the spin-off and the merger ratio do not ascribe fair value to Mobis's module manufacturing and after-sales parts businesses"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"We urge DG's Board of Directors to formally propose this spin-off plan at the Company's next annual general meeting of shareholders ("AGM")."

"HHC owns a collection of other assets that it inherited as part of its spin-off from GGP, which can be valued using comparable transactions"

"Analysts acknowledge that change is needed to unlock value from midstream and view a spin (or sale) as the most viable pathway to do this."

"Analysts acknowledge that change is needed to unlock value from midstream and view a spin (or sale) as the most viable pathway to do this."

"Absent significant improvements, it would mark one of the largest declines in performance of any comparable spin over the last decade."

"Assuming the spin-off of the remaining >80% interest in TIP REIT occurs in 2010, the Revised Transaction offers many pros and few cons"

"If New Darden’s multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"If New Darden's multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"the Company could create a REIT spin-off that holds most – but not all – of the real estate assets. — Independent Covenant Review"

"It is assumed that the bank and credit markets will be receptive to financing the capital structures of New TWX and the SpinCos."

"Spin-offs are a good idea at the right time and with the right portfolio mix. Must be aligned with maximizing real estate value."

"The A300 is nothing more than a cover story to mislead investors and spin a damage-control and recall effort as a “new” product."

"Shareholders should demand transparency on the numerous acquisitions and spin-offs where company insiders are counterparties."

"Deconsolidate SCT into an investment company ("SCT InvCo") and operating company (SCT OpCo) via a horizontal spin-off merger"

"One approach to restructuring is a horizontal spin-off merger which would result in a flat and simple corporate structure."

"Notably, the board assigned its advisors the narrow task of only evaluating Pershing Square’s TIP REIT spin-off structure"

"It's clever marketing spin and a "fantastic story" but the reality is less impressive than these announcements imply."

"The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable."

"Consider a spin-off of Semiconductors division into a standalone public stock ("Sony Technologies") listed in Japan"

"“If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.” — New York Post"

"“Vivendi is totally against the spin-off of Telecom Italia network” — Arnoud De Puyfontaine, CEO and TIM director"

"The vast majority of Phillips 66 Midstream EBITDA could be fully sold or separated as part of a tax-free spin."

"The vast majority of Phillips 66 Midstream EBITDA could be fully sold or separated as part of a tax-free spin."

"The proposed share repurchases are integral to support the premium valuations of New TWX and certain SpinCos."

"We Believe Cintas Overpaid For G&K, Is Struggling To Integrate It, And Spinning A Weak “Beat And Raise” Story"

"Tax-free IPO and spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager"

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"Pershing has assumed the following structural and tax assumptions with respect to an IPO spin-off of McOpCo."

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"The purpose of the spin was to further improve performance – not take a major and prolonged step backwards."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"CHD has two of its "Power Brands" – Spinbrush and Waterpik – are sourced from China and exposed to tariffs."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"Unfortunately for shareholders, Solventum's performance since the spin has not lived up to its promise."

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"HHC’s share price has increased 250% (3.5x) from the November 2010 spinoff from GGP to January 19, 2018"