November 19, 2017

Goldfarb said he would not be surprised if the final IVS number is different than what was presented on Wednesday, adding that there usually are some votes that are subject to change but that they typically are immaterial to the final outcome.

However, in this case, even small votes are not unimportant, and error associated with a small individual shareholder with 43,000 shares could swing the election in favor of P&G’s incumbent director. “The difference in the tally could be one voter,” he said.

November 7, 2017

Bruce Goldfarb, chief executive of Okapi Partners, a firm that helps run proxy fights but was not involved in this one, said that Mr. Ackman’s reputation had taken a blow, but that if ADP performed well in the future, investors might give him some of the credit.

“The short term sting to Ackman’s reputation will be painful and may impact his next campaign,” he said. “Nevertheless, the true reputation of any activist is based on the change in value of the target selected and the impact on that value that can be attributed to the campaign.”

November 2, 2017

But management usually has the advantage when shares held by employees are voted in a proxy battle, said Bruce Goldfarb, chief executive officer of Okapi Partners LLC, a New York-based proxy solicitor.

“Current employees tend to support management, especially if the employees do not think voting will be confidential,” Goldfarb said, speaking in general terms. A P&G spokesman said management cannot see how employees voted.

October 16, 2017

“You’re talking about the end stage of an election campaign, where the parties haven’t kissed and made up,” said Bruce Goldfarb, founder and chief executive of Okapi Partners, a proxy-solicitation firm. “There’s a little bit of venom to the process.”

August 28, 2017

Beleaguered Hedge Fund Titan Bill Ackman Is Having Another Rough Year It certainly looks like 2017 is shaping up to be another “terrible, horrible, no good, very bad” year. By Ron Orol Bill Ackman earlier this month escalated his activist campaign to install three dissident directors onto Automatic Data Processing Inc.’s (ADP) board with a 167-page presentation […]

July 13, 2017

Calling ‘Mom and Pop’ in a Proxy Fight Article published on June 12, 2017 By Lindsay Frost   A heated battle at Arconic last month ended in a successful settlement for activist investment firm Elliott Management, partially due to its unique approach to winning over retail voters, who make up about 30% of outstanding stock: sending them individual video […]