Callouts & quotes from 46+ activist slides

"Taking two different approaches (taking Firth Rixson’s EBITDA and multiplying by the corporate multiple and taking Firth Rixson’s NOPAT over Arconic’s WACC) to measuring the extent of the value destruction as a consequence of the Firth Rixson acquisition yields the result that Arconic’s management has destroyed between $1.9 and $2.5 billion of value"

"Ancora will vote “AGAINST” Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker at the 2025 Annual Meeting to send a message that the status quo is unacceptable in light of the significant value that has been destroyed and the time-sensitive opportunity currently in front of Forward Air."

"It's easy to see how Kratos has destroyed significant value. Since 2008, Kratos spent nearly $1bn on acquisitions that have contributed an estimated $801m and $129m of revenues and EBITDA, respectively. Yet, recent results suggest over $237m and $69m of sales and EBITDA losses, net of divestitures."

"However, the workaround comes at a steep cost in terms of errors, mutations, and lack of consistency – rendering Twist’s “chip” a self-defeating gimmick with no way to win, as any efficiencies are quickly destroyed by the workarounds required for its inability to make usable amounts of DNA."

"Elanco is an animal healthcare company with promising products in a secularly growing industry. This campaign is about bringing execution and accountability to an insular Board that has not properly overseen management and destroyed billions in shareholder value in the process."

"Unfortunately, shareholders have suffered greatly during this period as Newell significantly underperformed both the market and the industry benchmark, and destroyed billions of dollars of shareholder value in a positive market environment."

"We did so principally because we believe that the incumbent Target board has: Suboptimal composition, Made significant strategic mistakes that have destroyed shareholder value, Performed key corporate governance duties poorly."

"Past performance is the best indicator of future performance... Without change, shareholders are placing their trust in the same directors who approved strategies that destroyed billions of dollars of shareholder value"

"If these businesses were valued at Avantor's global multiple (approximately 10x EBITDA) as opposed to their acquisition multiples of around 28x EBITDA, this implies that over $2.4 billion of value has been destroyed."

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"If we let the incumbent Board members and management team continue in their ways, we believe Olive Garden may become the next Red Lobster...an iconic American brand destroyed by Darden’s Board and management"

"If we let the incumbent Board members and management team continue in their ways, we believe Olive Garden may become the next Red Lobster...an iconic American brand destroyed by Darden’s Board and management"

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the S&P 500 in the five years following the completion of each respective acquisition."

"Do either the consumables acquisitions or subsequent exits really represent “progress” if the acquisitions are destroyed, and if the exits simply bring Hill-Rom back to square one (at a loss)?"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"greater than $700 million of shareholder value, representing approximately 50% of today's market capitalization, has been destroyed since 2013 against the backdrop of a flourishing industry."

"Twist’s “chip” is a self-defeating technology with no way to win: any efficiencies it creates are destroyed by the workarounds required for its inability to make sufficient amounts of DNA"

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"Crown Castle has thus far destroyed value through its fiber investment and would have been far better off reinvesting in itself through either tower acquisitions or share repurchases"

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"Vivendi has had issues with management... and appointed conflicted directors... who focused on Vivendi's interest over TIM... and as a consequence has destroyed value in TIM"

"Why is revenue growth “the most significant driver of business performance” when ill-advised M&A could destroy (and has destroyed) significant shareholder value?"

"Observers agree: the large franchisee acquisitions of 2015 destroyed value by diluting ROIC and eliminating a highly valuable, high-margin royalty stream"

"On the surface, FMCN's acquisition of CGEN is a shocking display of corporate ineptitude that destroyed $198.4 million in shareholder value in 11 months."

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"In its short life as a public company, FireOne Group (AIM: FPA LN) destroyed tremendous shareholder value after its risky business became illegal."

"The Board has proven itself unable to effectively oversee management and the Company, and has destroyed shareholder value through its complacency:"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"The ozanimod RTF came less than 6 months after GED-0301 was terminated, and destroyed another $6 billion in shareholder value"

"Unfortunately, R&D failures continue to plague the Company and have destroyed significant shareholder value in the process."

"The Board would be paying the CEO half a billion dollars on the way out the door after he destroyed shareholder value."

"Yet the announcements of Alexion's acquisitions of Achillion and Portola both destroyed significant shareholder value."

"In the past 5 yrs, management has destroyed 20+% of its market capitalization through failed exploration ventures"

"Starboard helped turnaround GCP after the prior board destroyed significant value for shareholders."

"Phillips 66 has destroyed investor value through its poor execution of the Rodeo conversion."

"The DLC Has Destroyed US$50 Billion of Shareholder Value since Inception..."

"Management and the Board destroyed ~$0.23 / share of shareholder value"

"$30 billion shareholder value destroyed"