“Poison pills” work to thwart hostile takeovers, but they can also turn shareholders against you. How It Works Most poison-pill agreements are triggered when an outside company or individual — think Carl Icahn, for example — acquires ...
Business in brief ENERGY Chris Hohn's The Children's Investment Fund has lost about $112m in J-Power after the Japanese electricity company paid $642m to buy out the activist hedge fund's 9.9 per cent stake. Japan blocked TCI's bid to raise its stake to 20 per cent...
NEW YORK -- Insured Municipal Income Fund Inc. (NYSE: PIF) (the "Fund"), a closed-end management investment company organized as a Maryland corporation, is aware that a complaint has been filed in the Circuit Court for Baltimore City on October 23, 2008, by a small number of shareholder activists (the "Petitioners"),...
The Playmaker's Standard, LLC, todayreleased an illustrated analysis of strategies employed by ExxonMobil asthe oil giant responds to persistent criticism of its corporate andenvironmental policies, notably by skeptical environmental groups,financial analysts, hostile foreign governments, and shareholder activists. Based on The Playmaker'sTableTM , a first-of-a-kind classification framework of 25 irreduciblycomplex...
A new Research Brief from Fund Votes finds that 8 out of the 9 financial firms named in the US government bailout plan had been targeted by shareholder activists with a 'say-on-pay' resolution in 2008. A number of major mutual fund families failed to support those initiatives and actually voted...
- Proxy Seeking to Replace Five Board Directors - - Proxy Solicitation Firm to Contact Shareholders to Solicit Votes Ahead of Next Annual Shareholders' Meeting to Be Held on October 30, 2008 - NEW YORK -- Dr. H. Michael Shack, Proxy Organizer and shareholder of Artes...
Rebel shareholders in Blue Oar, the City stockbroker, are set to table a requisition to the company's management calling for an extraordinary general meeting to vote on the winding up of the company. The trio are believed to be seeking the closure of the firm so that its 16m cash...
BURBANK, CALIF. -- An investment fund here owned by members of the Disney family has sold $57.4 million of its stake in Panera Bread Co., less than a year after spending nearly $85.3 million to become the segment-leading chain's fourth-largest shareholder, the St. Louis Business Journal reported Sept. 15. ...
Pershing Capital Management LP said it doesn't support CVS Caremark Corp.'s $2.7 billion purchase of Walnut Creek-based Longs Drug Stores Corp. because the value of Longs exceeds the price CVS is offering. Pershing, activist investor Bill Ackman's hedge fund, owns about 3.1 million shares of Longs,...
Pershing Capital Management LP said it doesn't support CVS Caremark Corp.'s $2.7 billion purchase of Walnut Creek-based Longs Drug Stores Corp. because the value of Longs exceeds the price CVS is offering. Pershing, activist investor Bill Ackman's hedge fund, owns about 3.1 million shares of Longs,...
WALNUT CREEK, Calif. -- Although the board of Longs Drug Stores Corp. has advised its shareholders to accept the $2.5 billion ($2.9 billion including assumed debt) takeover offer from CVS Caremark Corp., questions about the value of the chain's real estate may prove a hurdle to completing the deal on...
ATTICUS CAPITAL and The Children's Investment Fund renewed their assault on Deut-sche Brse yesterday by threatening to push for new man-agement to boost shareholder value at the German exchange operator. The two activist hedge funds, which own a total of 19 per cent of the Frankfurt-based exchange,...
In 1970, Milton Friedman argued strenuously that the social responsibility of business is, above all, to increase profits. In an article for The New York Times Magazine, he pointed out that without profit there are no wages paid and no enterprise with a surplus to offer anyone. Today, many business...
Longs Drug Stores Corp. investor Advisory Research Inc. said it needs more information about CVS Caremark Corp.'s $2.7 billion acquisition of the Walnut Creek company before it makes a decision on whether to tender its 9.2 percent stake. Advisory Research, based in Chicago, wants additional data...
Walnut Creek-based Longs Drug Stores Corp. recommended shareholders approve its $2.7 billion purchase by CVS Caremark Corp. even as activist investor Bill Ackman hired a firm to explore getting a higher price. The Longs board endorsed the takeover in a regulatory filing. Ackman's hedge fund, Pershing...
- Proxy Organizer urges Company to Call Annual Meeting on September 19, 2008 - - Proxy Organizer Seeking to Replace Five Board Directors - NEW YORK -- Dr. H. Michael Shack, Proxy Organizer shareholder of Artes Medical, Inc. (NASDAQ: ARTE), announced today his intention to solicit...
SAN FRANCISCO -- Yahoo's shareholders meeting -- which once looked as if it would be a proxy showdown -- is shaping up as a non-event. Now that the Internet icon has settled its dispute with activist investor Carl Icahn -- he and two supporters will be named to...
SAN FRANCISCO -- Yahoo averted a shareholder showdown with Carl Icahn on Monday. The Internet icon agreed to relinquish three seats on its board of directors to the activist investor, who dropped his threat of waging a proxy fight. Yahoo's nine-member board will expand to 11, and current...
Corporate Governance Implications From CA vs. AFSCME Are Far-Reaching, Including Greater Federal-State Cooperation on Corporate Law, Say-on-Pay and Proxy Access BOSTON -- The editor of Compliance Week magazine is available for comment on the Delaware Supreme Court decision expected this week over reimbursement for proxy fight costs, in...
The internet giant Yahoo rejected a restructuring proposal put forward by Microsoft and the activist shareholder Carl Icahn at the weekend, claiming it had "anything but the interests of Yahoo's stockholders in mind". Mr Icahn and Microsoft approached Yahoo on Friday, giving it just 24 hours to...
Articles 2008-07-14
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