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In-depth research on US public companies' takeover defense strategies
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Searching on over 200 takeover defense data points
Research covering proxy fights, proxy proposals, and activism including profiles of activist hedge funds
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Activists Knocking on Doors of Big Firms
New York - April 20, 2016

What do Macy's, QUALCOMM, and AIG have in common? Each of them is a large and well-established firm that has been the target of an activist campaign in the past year. In July 2015, Jeffrey Smith's Starboard Value acquired a stake in Macy's and urged the clothing retailer to spin off its real estate assets in order to unlock additional value for the company. In April 2015, Barry Rosenstein's JANA Partners pushed QUALCOMM to cut costs, accelerate its buyback program, and make changes to its board of directors. In late 2015, Icahn Associates and Paulson & Co. pressured AIG to break up the firm into three separate businesses. These three examples of activist investors targeting larger, well-known companies are not anomalies. This is a growing trend within the shareholder activism space.

Activist Campaigns Against Mega and Large Caps Hit New High in 2015

The number of activist campaigns launched against mega cap (greater than $50 billion in market value) and large cap (greater than $10 billion in market value) companies in 2015 made up 8% of the total number of activist campaigns tracked by FactSet SharkWatch (30 out of 375). More...

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