Usually activist investor holds over 5% of common stock. Sends love letter to management.
You may recall our discussions of Clinton Group from such activist campaigns as Stillwater Mining, Quality Systems and its SPAC, ROI Acquisition Corp. II. It also owns over 5% of NutriSystem, a “leading provider of a weight management system based on a low-calorie, portion-controlled, prepared meal program.” I’m hungry just thinking about it. Clinton Group encouraged NutriSystem to can their CEO and augment their board a couple of years ago, and NutriSystem complied. Clinton Group has recently increased its NutriSystem holdings, but is dismayed by the lack of credit given to the company’s cash flow by the market. [more]
GTA hits the competition and runs with a cool billion in its first three days of release.
Take-Two Interactive Software, Inc. announced that the release of Grand Theft Auto V achieved first day retail sales of $800 million and worldwide retail sales of more than $1 billion during its first three days on sale. Take-Two claims that this is the fastest that any entertainment property, including video games and feature films, has reached this milestone. [more]
Spinoffs and retirements to follow.
We have been following the Timken saga since late last year. [more]
To no one’s surprise, the Twitter IPO is garnering a tremendous amount of hype, from people calling it the savior of the tech markets v.2 or the biggest ripoff since Ponzi himself. Facebook was v.1 and we saw how that turned out, at least in the short term. [more]
One of the large hedge fund investors in Emulex Corp. dashes off angry (or disappointed) letter urging immediate action.
We have been tracking the Emulex Corp. odyssey for a while now. In July, we noted that that ELX jumped on rumors of a strategic transaction and Underdisclosed.com favorite, Starboard picked up a big stake. [more]
One of the biggest problems with Pandora’s business model is the gray areas in its relationships with performance rights organizations, such as ASCAP and BMI, who collect royalties on behalf of copyright owners. They like to say they work for musicians, but that is mostly PR spin. [more]
IPO filing shows that SunEdison will maintain significant ownership as it sells a portion of its semiconductor business. [more]
Aramark does more than give you a burger and soda at the game or hospital cafeteria, its mission is to “Deliver experiences that enrich and nourish lives.”
In January 2007, ARAMARK Corp. completed its merger, pursuant to which GS Capital Partners (Goldman Sachs), CCMP Capital Advisors, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC, and Joseph Neubauer, Chairman and Chief Executive Officer, acquired the company for approximately $8.6 billion, including the assumption or repayment of approximately $2.0 billion of debt. [more]
Note: Originally posted with additional tables here. Please let me know if financial tables can be formatted in a CAPS Blog. Thanks. [more]