Newell Brands Ends Proxy Fight with Starboard (Reuters)
(Reuters) – Consumer products maker Newell Brands Inc (NWL.N) has agreed to add three independent directors to its board, including one proposed by hedge fund Starboard Value LP, ending a months-long proxy fight with the activist investor. Shares of the Sharpie maker rose 3.2 percent to $27.30 in premarket trading on Monday. Starboard had planned to press ahead with the proxy fight, saying more work was needed to repair the company even after rival hedge fund boss Carl Icahn won four seats on Newell’s board last month. Newell said on Monday it planned to nominate Bridget Ryan Berman from Starboard’s slate, with Icahn also backing her candidacy for election to the board at its 2018 annual meeting.
Sears CEO Eddie Lampert’s Hedge Fund Wants to Buy Kenmore and Other Sears Assets (CNBC)
ESL Investments, the hedge fund led by Sears Holdings CEO Eddie Lampert, has made a proposal to buy the Kenmore brand, Sears’ Home Improvement business, its PartsDirect division and some of the department store chain’s real estate. The embattled retailer recently saw its sales drop nearly 30 percent during the holiday quarter. In a quest for liquidity, Sears has been shedding its unprofitable retail locations and searching for buyers for its other assets.
Activist Fund Elliott Ramps up Pressure on South Korean Auto Giant Hyundai (Reuters)
SEOUL (Reuters) – U.S. activist hedge fund Elliott Management dismissed Hyundai Motor Group’s restructuring plan as insufficient on Monday and called on the South Korean conglomerate to adopt a holding company strategy and appoint more independent board members. Elliott disclosed this month that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor Group and called for a “more detailed roadmap” on how the group will improve corporate governance, optimize balance sheets and enhance capital returns. Stepping up its campaign against the South Korean carmaker on Monday, Elliott said it was unclear how the group’s restructuring plan would benefit minority shareholders.
John Paulson Seeks Big Fees While Risking His Money (Bloomberg)
After most of his clients have fled, billionaire John Paulson has embarked on a strategy to raise assets and generate big fees at the risk of losing his own capital. Paulson & Co. signed up last year with the three main providers of so-called first-loss funds to pursue the wagers, according to a March regulatory filing. These deals with Topwater Capital, Prelude Capital Management and Boothbay Fund Management allow Paulson to lever-up his own capital many times over after he squandered much of it on wrong-way bets.
Low Profile Hedge Funds Post High Returns in Year After New York Sohn Conference (Reuters)
The best ideas of some press-shy hedge fund managers who spoke at the 2017 New York Sohn Investment Conference outperformed those of celebrity managers such as Greenlight Capital’s David Einhorn, according to a Reuters analysis. Josh Resnick, founder of New York-based Jericho Capital Asset Management, had the best overall investment idea of the 11 featured investors who spoke last year. His, short, or bet against, Frontier Communications Corp (FTR.O) gained 61 percent since it was announced on May 8 of last year. Larry Robbins, the billionaire manager of Glenview Capital Management, had the next-best performance, with approximately 33 percent gains in his bullish position in DXC Technology Co (DXC.N).
Insider Selling: Snap Inc. (SNAP) VP Sells $283,650.00 in Stock (WeekHerald.com)
Snap Inc. (NYSE:SNAP) VP Lara Sweet sold 18,910 shares of the company’s stock in a transaction on Thursday, April 19th. The shares were sold at an average price of $15.00, for a total value of $283,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission.
Insider Selling: Facebook, Inc. (FB) COO Sells $9,176,200.00 in Stock (RegistrarJournal.com)
Facebook, Inc. (NASDAQ:FB) COO Sheryl Sandberg sold 55,000 shares of the business’s stock in a transaction on Wednesday, April 18th. The stock was sold at an average price of $166.84, for a total value of $9,176,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: pdvWireless (PDVW) Major Shareholder Acquires $764,132.04 in Stock (WeekHerald)
pdvWireless Inc (NASDAQ:PDVW) major shareholder Owl Creek Asset Management, L. acquired 24,052 shares of the business’s stock in a transaction that occurred on Friday, April 20th. The stock was bought at an average cost of $31.77 per share, for a total transaction of $764,132.04. The purchase was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Bio-Key International (NASDAQ:BKYI) Insider Acquires 91,820 Shares of Stock (MaconDaily.com)
Bio-Key International (NASDAQ:BKYI) insider Fong Wong Kwok acquired 91,820 shares of Bio-Key International stock in a transaction that occurred on Tuesday, April 3rd. The shares were purchased at an average price of $3.60 per share, for a total transaction of $330,552.00. The acquisition was disclosed in a filing with the SEC.
Insider Selling: Och-Ziff Capital Management (OZM) Insider Sells $647,264.00 in Stock (StockNewsTimes.com)
Och-Ziff Capital Management (NYSE:OZM) insider James S. Levin sold 286,400 shares of Och-Ziff Capital Management stock in a transaction dated Thursday, April 19th. The shares were sold at an average price of $2.26, for a total value of $647,264.00. Following the completion of the transaction, the insider now owns 804,963 shares in the company, valued at approximately $1,819,216.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Buying: OPKO Health (OPK) CEO Purchases $31,700.00 in Stock (TheLincolnianOnline.com)
Opko Health Inc. (NASDAQ:OPK) CEO Phillip Md Et Al Frost acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 19th. The stock was acquired at an average price of $3.17 per share, with a total value of $31,700.00. Following the acquisition, the chief executive officer now owns 3,068,951 shares in the company, valued at $9,728,574.67. The transaction was disclosed in a filing with the Securities & Exchange Commission.