News

October 20, 2014
Articles

Will We See More Wholesale Board Changes Like Darden? By Michael Ide, ValueWalk Last week, shareholder activism showed just how far it’s come when Starboard Value LP won a decisive proxy fight against Darden Restaurants, Inc. (NYSE:DRI)’a now-former management, replacing the entire board with its own nominees. Darden’s decision to sell Red Lobster earlier this […]

October 20, 2014
Articles

Normally, activists will attempt to gain minority representation on a board by asking to replace one or more members with their own nominees. However, in this case, the relationship between shareholders and management became so strained that the activists opted to oust the entire board. The goal of the action shifted from gaining influence over […]

October 10, 2014
Articles

It was an annual shareholder meeting that was essentially over before it began, as the activist hedge fund Starboard Value replaced all 12 board members of Darden Restaurants, owner of Olive Garden, Bahama Breeze, and other casual dining chains. At the JW Marriott here, just a few miles from Darden’s headquarters, Starboard representatives, proxy solicitors […]

October 10, 2014
Articles

“Today’s decision by Darden shareholders is extraordinary. The replacement of the entire board is a critical win for Darden shareholders, and portends an exciting future for the company,” said Bruce Goldfarb, president and CEO of Okapi Partners, a proxy solicitor working with Starboard, in a statement. Entire Darden Board Ousted as Shareholders Back Activist [Agenda]  

October 10, 2014
Articles

“Today’s decision by shareholders is extraordinary,” said Bruce Goldfarb, chief executive of Okapi Partners. “The replacement of the entire board is a critical win for Darden shareholders, and portends an exciting future for the company.” Starboard scores rare shutout win in ousting Darden board [MarketWatch]

August 11, 2014
Articles

Proxy advisory firms must proactively reveal potential conflicts of interest, commission guidance says Asset managers that use proxy advisory firms should review their voting policies at least once a year, the SEC says in a guidance bulletin, also telling the advisory firms they must reveal potential conflicts of interest to their clients.

 The bulletin further […]

July 29, 2014
Articles

The results aren’t in yet for the board election at Cliffs Natural Resources, the mining company. But the activist hedge fund seeking control of the board is feeling confident enough to declare victory anyway. The fund, Casablanca Capital, said on Tuesday that all six of its director nominees prevailed at the company’s annual meeting. Its […]

June 26, 2014
Articles

Activist hedge funds have been around for about a decade and their modis operandi has not changed dramatically in that time: buy a significant stake in a company, agitate for change, realize profits, repeat. What has changed is the number of such investors: according to data provider Preqin, there are now over 400 activist hedge […]

June 9, 2014
Articles

An activist investor’s efforts to oust the board of ValueVision Media — the parent company of ShopHQ, an also-ran among home-shopping networks — has won overwhelming support from the two leading proxy-advisory firms. Glass Lewis, in a report released over the weekend, followed ISS in calling for a major overhaul of the board of ValueVision. […]

May 2, 2014
Articles

Hedge fund proxy advisor Okapi Partners has named Jon Einsidler as a managing director. Einsidler has been engaged in investor response campaigns and proxy solicitation work for over 20 years, most recently as a senior managing director with Georgeson, where he spent 14 years. Prior to that, he spent three years as a partner with […]