Callouts & quotes from 117+ activist slides

"Over the course of his nearly two decades as an institutional investor, Mr. Loeb has developed a sophisticated understanding of how to create and unlock long-term value for shareholders. As Chief Executive Officer of the Company's largest shareholder, Mr. Loeb would advocate vocally for stockholders' interests if elected to the Board. For these reasons, we believe Mr. Loeb is exceptionally qualified to serve as a director of the Company."

"The purpose of this letter is to specifically outline the following two important opportunities that we believe the Board and management team should pursue in order to unlock value: (1) An exploration of all strategic alternatives for the underperforming Family Dollar business, including an outright sale; (2) An evaluation and initiation of a wide-scale market test of a multi-price point strategy at Dollar Tree bannered stores."

"Unlocking McGraw-Hill’s long-term conglomerate discount would result in ~$11 of value; Eliminating McGraw-Hill’s corporate cost structure would contribute ~$6 of value; Execution of McGraw-Hill’s authorized buyback would create $3.50 of immediate value; Bridging the remaining margin gap with McGraw-Hill’s peers (gap after collapsing the corporate structure) would create an additional ~$4 of value."

"If a superior transaction at fair value is not available within a short and defined time-frame, then we urge the Board to pursue our Value Optimisation Plan, which is designed to unlock: (a) Capricorn's intrinsic value of 315 pence per share in the near term; and (b) a further 85 pence per share over the medium term resulting in total value of up to 400 pence per share for Capricorn shareholders"

"Playtika indirectly puts a lot of pressure on and gives incentives to the studio to monetize their game very aggressively this is immediately noticeable in the player reviews, all saying that the game is very addictive but at a certain point, it is not possible to keep unlocking new designs and progressing without spending a lot of money, making the game "boring" for most users very fast."

"Management's claims of illusory benefits of the DLC structure and phantom costs of unification are not the way to deal with a value-distorting and obsolete group structure – we see c.US$200 million as the real cost of unification – at a minimal cost for such a large value-unlocking opportunity"

"With the resignation of the Fortress Directors, the tone of management regarding real estate has changed FROM openly supportive of unlocking value for shareholders TO expressing a desire to own it - this is despite a substantial increase in healthcare real estate values over the past two years"

"Taking action to unlock the value of Samsung Electronics’ treasury shareholding as part of a streamlining of the Samsung group structure – this would benefit all stakeholders by creating a transparent and easy-to-value organizational structure, retaining the Lee family’s controlling interest"

"While unfortunate, this disappointing trajectory has created a historic opportunity: With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value."

"We believe this is truly a unique opportunity to unlock significant value in Hyundai Motor Group by taking the necessary steps to realign its equity value with the top-class business that the Founding Family and the leadership of the Group have built over the decades"

"We believe the promotion behind Resideo Technologies is a series of disappointments. The latest evolution as a split-up story to unlock value becomes an even greater “trust me” story with the current management team that previously failed to hit targets."

"We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn being returned to shareholders via share buybacks"

"It's just not believable that the small 450-mile stretch (highlighted in a red box) is taking about a full year to "unlock" and that the rest of the highlighted lanes will somehow magically enter Aurora's ODD within the next year and a half."

"Current management's response to our Value Unlock Plan has been inflexible and defensive, showing instead that they prefer to do nothing new to improve performance and to optimize shareholder value from BHP's first-class portfolio of assets"

"Market trusted Vivendi’s convergence plan initially, which supported the stock together with its own stakebuilding and value unlocking from INWIT separation, but investors soon lost faith, leading to sustained value destruction"

"Our analysis shows that implementation of the Value Unlock Plan could provide BHP shareholders with an increase in value attributable to their shareholdings of up to c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"Our analysis shows that implementation of the Value Unlock Plan could provide BHP shareholders with an increase in value attributable to their shareholdings of up to c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"The Value Unlock Plan consists of three key steps. Each step is designed to individually contribute to unlocking significant shareholder value and we present them in the order in which management should undertake them."

"we believe Marathon is severely undervalued and that there are readily available steps by which the Board can unlock $14 – $19 billion in value for shareholders (yielding a ~60 – 80+% increase to today’s stock price)."

"The value enhancement measures will unlock significant benefits for all stakeholders through an improved SCT with a clear strategy and strong commitment to optimised capital allocation and sustainable future growth"

"Based on our extensive experience with the asset class, and exhaustive research conducted to understand ACAS' portfolio, operations and strategy, Elliott has developed a comprehensive plan to unlock value"

"We now see few, if any, catalysts left as REZI becomes a “trust me” story that it can unlock value as two separate companies after telling investors for seven years that it had the right strategy."

"Elliott’s John Pike on the urgency of boardroom change at Phillips 66 (NYSE: PSX), and how the #Streamline66 plan is the path to unlocking value for shareholders: “Change is going to start there.”"

"Our conclusion from our analysis is clear: Arconic’s assets are dramatically undervalued and managerial change is needed to unlock the Company’s full potential for the benefit of all stakeholders"

"Now is the time for Marathon's Board to take action and Remake Marathon by unlocking the value trapped in the current structure and realizing the full potential of three world-class businesses."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Not only would a partial or full monetization of real estate unlock substantial value, it would also accelerate SIX’s debt paydown, provide cash for buybacks and quicken dividend reinstatement"

"The Value Unlock Plan could lead to a release of up to c.US$13.9bn of franking credits by Year 5 through value-accretive discounted off-market buybacks for the benefit of all BHP shareholders"

"The demerger unlocks the value of existing and newly formed (previously Mobis’s stake in HMC) treasury shares and allows for the consolidation of key HMC affiliates under Hyundai Motor Holdco"

"We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market."

"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."

"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."

"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."

"The “Streamline 66” plan starts with simplifying the portfolio to address Phillips 66’s inefficient conglomerate structure and unlock trapped value not reflected in the stock price today."

"Shareholders should vote “AGAINST” to stop Management from continuing the value destruction and to set a path to unlock value by engaging in a full diagnostic and review of ACAS' assets"

"Palliser's Value Optimisation Plan published on 27 October outlines a clear path to unlock up to 400 pence per share in total value for Capricorn shareholders over the medium term."

"We have invested significant time and resources in underwriting our investment in TICO and in crafting a compelling plan for the business to unlock significant shareholder value"

"The coming years will be critical execution years to unlock value at Sony Semiconductors, creating the need for oversight by a dedicated management team and Board of Directors"

"Our Value Optimisation Plan is designed to unlock Capricorn's intrinsic value of 315 pence per share in the near term and a further 85 pence per share over the medium term"

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"Our Value Unlock Plan, as presented, was put forward as a pathway to unlock significant value for shareholders – US$46bn in total across the following key elements"

"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"

"We believe the Board must take immediate action to improve margins, optimize capital allocation, and enhance governance to unlock significant shareholder value."

"And though Apple might not have considered it possible, we have a solution for unlocking value for shareholders that allows it to have its cake and eat it too."

"Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"The BHP Shareholder Value Unlock Plan (the “Value Unlock Plan”) is designed to provide management with the opportunity to directly address these issues."

"Increasing the share of smart logistics within Automation Systems portfolio would enable TICO to play in higher value-added segments and unlock value"

"A clearer story would unlock value by improving analyst and investor focus and free McGraw-Hill’s businesses to explore value-creation opportunities."

"Separating into a “Global Architectural” company and “Industrial” company could enable PPG to unlock value by creating leading, pure play businesses"

"Through a separation of these businesses and improved operating performance, Elliott believes that Marathon can unlock $22 – $40 billion of value."

"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."

"The real question is why would McGraw-Hill not promptly take these steps to improve operating performance and unlock shareholder value?"