News

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 […]

April 24, 2014
Articles

The water is getting hotter for the parent of Red Lobster. An activist hedge fund has secured votes from 54 percent of Darden Restaurants’ shareholders to hold a special meeting to block plans to spin off Red Lobster into a separate company, sources said. Starboard Value LP, the New York-based fund spearheading the campaign against the […]

April 22, 2014
Articles

William Ackman’s $47 billion joint bid with Valeant Pharmaceuticals International Inc to buy Botox maker Allergan Inc may become a model for future deals, rival fund managers said. The unsolicited bid, the plans for which were revealed late on Monday, was unusual for a so-called activist investor such as Ackman. Usually, large acquisitions are the […]