Hedge Fund News: Bill Ackman, David Einhorn, Michael Hintze

Corvex’s Meister Says Yum Should Break Off China Business (Bloomberg)
Yum! Brands Inc. should spin off its China business to increase value, according to Keith Meister, founder of activist hedge fund Corvex Management, which says it’s one of the restaurant group’s five largest shareholders. “We think there is a clear, obvious way to create value and that’s to separate the business,” he said at the Sohn Investment Conference in New York on Monday, adding that such a move would create additional value of $16 per share. If the firm creates a China entity, it will be “levered to the endless growth to the Chinese middle class.”

Recap: The 2015 Berkshire Hathaway Annual Meeting (The Wall Street Journal)
Warren Buffett‘s “Woodstock for Capitalists”, the annual meeting of his Berkshire Hathaway Inc., celebrated a major milestone this year: Mr. Buffett has now been at the helm of the conglomerate for 50 years. Mr. Buffett played host to roughly 40,000 people at the company’s annual meeting Saturday, an event that swells the population of Mr. Buffett’s hometown by nearly 10% each year.

Ackman Triggers CSX Slide With Plans to Stay Silent on Railroad (Bloomberg)
Pershing Capital Management LP founder Bill Ackman said he was leaving CSX Corp. off his agenda for discussion at a hedge-fund conference, and the railroad’s shares slumped the most in more than a month. “I’ll save you time and energy — we’re not going to talk about CSX,” Ackman said Monday in a CNBC interview ahead of his appearance at the Sohn Investment Conference in New York. “Maybe no one will show up now.”

Macerich Settles Proxy Fight with Two Activist Hedge Funds (The Wall Street Journal)
Mall owner Macerich Co. has settled a proxy fight with two activist hedge funds, agreeing to add new directors and to reverse moves that helped thwart a takeover effort by Simon Property Group Inc. Shares of Macerich gained 3% on the news in midday trading. Macerich will add two new board members mutually agreed upon with Land and Buildings Investment Management LLC and Orange Capital LLC, which were jointly waging a battle for director seats, according to people familiar with the matter.