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Work > Activism > Flashcards

Activism Flashcards

1
Q

Elliott Management activism 2013

A

NetApp, Hess

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2
Q

Factors for shareholder vulnerability

A
  1. Shareholder base
  2. Valuation
  3. Return of capital
  4. Operating Performance
  5. Potential Suitors
  6. Defense profile
  7. Governance
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3
Q

Current activist environment (2013)

A 
Longer-term capital
Institutional investor support
Emerge >5%
Forums, new
Short activism
Settlements
Large companies
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4
Q

Key Players in Shareholder Activism

A 
Bill Ackman - Pershing Square
David Einhorn - Greenlight Capital
Carl Icahn
Daniel Loeb - Third Point
Nelson Peltz - Trian
Barry Rosenstein - JANA
Ralph Whitworth - Relational Investors
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5
Q

Four objectives of activist campaigns

A

M&A
Balance Sheet
Governance
Operational

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6
Q

Four broad tactics of activist investors (in order of increasing hostility)

A

Private discussions with management
Media and PR campaign
Proxy contest
Lawsuit

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7
Q

Bill Ackman - Firm

A

Pershing Square

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8
Q

Daid Einhorn firm

A

Greenlight Capital

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9
Q

Carl Icahn firm

A

Icahn & Co

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10
Q

Daniel Loeb firm

A

Third Point

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11
Q

Nelson Peltz firm

A

Trian

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12
Q

Barry Rosenstein firm

A

JANA

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13
Q

Ralph Whitworth firm

A

Relational investors

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14
Q

Bill Ackman - selected campaigns

A 
Wendy's
JC Penney
Target
Fortune Brands
Kraft Foods
Canadian Pacific Railway
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15
Q

David Einhorn - selected campaigns

A

St. Joe
Moody’s
Lehman Brothers
Green Mountain

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16
Q

Carl Icahn - Selected campaigns

A 
TimeWarner
Yahoo!
Genzyme
Motorola
Clorox
CVR Energy
17
Q

Daniel Loeb - selected campaigns

A

Cypress
TXC Resources
Marathon
Yahoo!

18
Q

Nelson Peltz - selected campaigns

A 
Heinz
State Street
Wendy's
Dr. Pepper/Snapple
IngersollRand
19
Q

Barry Rosenstein - selected campaigns

A 
Alcoa
Charles River
PRG Schultz
TNT
The McGraw-Hill Companies
Marathon
20
Q

Ralph Whitworth - selected campaigns

A 
Home Depot
Sprint
SPX
EA
PMC-Sierra
PepsiCo
21
Q

Bill Ackman - “Playbook”

A

Private discussions; less likely to settle once public
8-10- investments represent 90% of AUM
Sizeable report and analyses

22
Q

Icahn - “Playbook”

A

“Sell the company” activist
Begins with industry thesis, then identifies targets (e.g. natural gas, biotech)
Investors have mixed view; reputation for not always picking strong slate

23
Q

David Einhorn - “Playbook”

A

Often sells short
Public presentations to support investment theses
Tends not to initiate proxy fights

24
Q

Daniel Loeb - “Playbook”

A

Inactive for years before Yahoo! campaign
Letters criticizing management
Aggressive, personal tactics

25
Q

Barry Rosenstein - “Playbook”

A

Liked by institutional investors and ISS
Campaigns are always about ideas, never personal
Has never had to go to vote

26
Q

Nelson Peltz - “Playbook”

A

“Operational activist”, known for identifying “simple fixes”
Highly respected for white papers and work done on portfolio companies
Inclined to work with management privately

27
Q

Loeb 2007

A

Cypress Semiconductor

Work (16 decks)

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