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Activist Tom Sandell’s Newest Targets

Another stock in which Sandell Asset Management opened a new position in during the second quarter is Computer Sciences Corporation (NYSE:CSC). The fund purchased a total of 260,700 shares of the company, which held a market value of $17.11 million at the end of the quarter. The company is an international provider of information technology and professional services. Computer Sciences Corporation (NYSE:CSC) is set to split into two publicly-traded companies, a process expected to be finalized by October 2015. The company also announced on August 11 that it had entered into an agreement to acquire Fruition Partners, which is an IT firm specialized in the provision of technology-enabled solutions. JANA Partners, steered by Barry Rosenstein, was also long in the stock at the end of June, owning 8.04 million shares with a market value of $527.62 million after raising its stake by 8% during the second quarter. John Paulson‘s Paulson & Co and Ken Griffin’s Citadel Investment Group are some of the other funds we track that held notable positions in the stock.

The last stock that we are looking into is Windstream Holdings, Inc. (NASDAQ:WIN). During the second quarter, Sandell Asset Management initiated a 2.57 million-share position in the stock, valued at $16.41 million as of the reporting period, with the move elevating Sandell to the top shareholder position of the company within our database. When Windstream Holdings, Inc. (NASDAQ:WIN) created asset-management company Communications Sales & Leasing Inc (NASDAQ:CSAL), investors were left confused as to which side had value, which led to a decline in the company’s share price. However, after it reported strong second quarter results, investors found a breather, seeing the share price climb again. Nevertheless, the road has been bumpy for the company, particularly in the consumer business, something that prompted it to announce a plan to launch premium speeds for subscribers, with the intention of attracting more of them. Windstream Holdings is planning to sell its 20% stake in Communications Sales & Leasing, which is currently valued at $624 million, in order to reduce its debt. At the end of the second quarter, billionaire David E. Shaw‘s D E Shaw was long in the stock with 1.96 million shares valued at $12.48 million after raising its position by 6,561% during the quarter. Billionaire Israel Englander’s Millennium Management also held 1.86 million shares with a value of $11.84 million after it reduced its stake in the stock by 41% during the quarter.

Disclosure: None

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