At Insider Monkey, we closely monitor the moves made by activist investors. Their targets are often undervalued stocks with firm foundations that for one reason or another have failed to execute. At times, all it takes is a fresh outlook and a slight tweak to completely alter the makeup and efficiency of a company, and activists can provide this. They also shine a spotlight on shareholder value creation, which can be neglected by entrenched management who often have their priorities elsewhere. Below and on the following pages we have embedded the latest 13D activist filing related to Forestar Group Inc. (NYSE:FOR), which was recently submitted by Jeffrey Bronchick‘s Cove Street Capital. The filing reveals that Forestar Group has reached a director nomination agreement with both Cove Street Capital and Clint Carlson‘s Carlson Capital, which will see one director put forth by each fund being added to the company’s Board, to replace two resigning Directors.
You can sell the filing below and on the next pages. You can access the original SEC filing by clicking here, which contains links to the agreement and a press release.
Ownership Summary Table
|Name || Sole Voting Power || Shared Voting Power || Sole Dispositive Power || Shared Dispositive Power || Aggregate Amount Owned Power || Percent of Class |
|Cove Street Capital, || 3,165,917 || 3,165,917 || 3,165,917 || 3,165,917 || 3,165,917 || 9.4% |
|Jeffrey Bronchick || 4,083 || || 4,083 || || 3,170,000 || 9.4% |
Jeffrey BronchickCove Street Capital
Page 1 of 5 SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
(Amendment No. 1)1
Common Stock, par value $1.00 per share
(Title of Class of Securities)
COVE STREET CAPITAL, LLC
2101 East El Segundo Boulevard
El Segundo, California 90245
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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