Monthly Archives: August 2011

TOP Ships Gets Equity Infusion from CEO

(TOP Ships has a market cap of $7 mm and an EV of $297 mm; see earlier post on TOPS dated 6/23/11) ATHENS, Greece, Aug. 25, 2011 (GLOBE NEWSWIRE) — TOP Ships Inc. (Nasdaq:TOPS – News), an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced…

Cooper-Standard Seeking a Buyer

(Cooper Standard has a market cap of $899 mm and an EV of $1.2 billion) Aug 31 (Reuters) – U.S. auto parts supplier Cooper Standard Holdings Inc (COSH.OB) is looking for a buyer more than a year after emerging from bankruptcy and has hired bankers to advise on the process, people familiar with the matter…

Icahn Backstops Auction For Clorox

(See earlier post on Clorox dated 8/19/11) ICAHN SEEKS TO REPLACE CLOROX BOARD AND COMMENCE PROCESS TO SELL CLOROX ICAHN AFFILIATES WILL BACK STOP THE SALE PROCESS WITH $78.00 PER SHARE BUY OUT OFFER           THE OFFER WILL NOT BE SUBJECT TO DUE DILIGENCE OR FINANCING New  York,  New  York  –  August  30, 2011 –…

Highfields Supports Strategic Review for CoreLogic

(See post from earlier today on CLGX; Highfields owns 7.7%) August 29, 2011 Board of DirectorsCoreLogic Inc.1 First American WaySanta Ana, CA 92707-5913 Dear Sirs/Madam: We are writing to express our support for the Board’s decision to hire financial and legal advisors and publicly announce the formation of a Committee of Independent Directors to examine…

CoreLogic Announces Strategic Review

(CoreLogic has a market cap of $1.1 billion and an EV of $1.7 billion) SANTA ANA, Calif., Aug. 29, 2011 /PRNewswire/ — CoreLogic (NYSE:CLGX – News), a leading provider of information, analytics and business services, today announced that its Board of Directors has formed a committee of independent directors to explore a wide range of…

IDT Corp to Spin Off Genie Energy in October

(See earlier posts on IDT dated 6/21/11, 3/17/11 and 11/6/10) NEWARK, N.J.–(BUSINESS WIRE)– IDT Corporation (NYSE:IDT – News) through its Genie Energy Ltd. (Genie) subsidiary has filed an initial registration statement, including an information statement, related to the anticipated spin-off of Genie to IDT stockholders. The filed materials are available through the Securities and Exchange…

Starboard Lists Concerns in Letter to Baker Corp

(Michael Baker has a market cap of $191 mm and an EV of $105 mm) August 25, 2011  Brad Mallory, President and CEO Michael Baker Corporation Dear Brad, Starboard Value LP, together with its affiliates, currently owns 6.3% of the outstanding common stock of Michael Baker Corporation (“Baker” or “the Company”), making us one of the…

Ackman Agreement with J.C. Penney

(See earlier posts on JC Penney dated 10/11/10 and 10/8/10) * Ackman may own 26.1 pct of shares; now owns 16.5 pct * Can’t give shares to another if stake goes above 10 pct * Shares up over 2 pct in afternoon trading (Adds voting shares limit, updates shares) NEW YORK, Aug 19 (Reuters) –…

Icahn Seeks to Elect 11 Board Members at Clorox

(Clorox has a market cap of $8.5 billion; See earlier posts on CLX dated 7/26/11, 7/20/11, 7/18/11, 7/15/11 and 2/11/11) Item 4. Purpose of Transaction Item 4 is hereby amended by adding the following: On August 18, 2011, the Reporting Persons delivered a letter to the Issuer (the “Notification Letter”), notifying the Issuer, as required by the Issuer’s bylaws, that…

Sykes Authorizes 11% Share Buyback

(Sykes has a market cap of $622 mm and an EV of $410 mm.  It is trading at 3X EBITDA, has decent insider ownership and appears to have generated healthy free cash flow over the past few years.  Hence we think it is worth a look.) TAMPA, Fla., Aug. 19, 2011 (GLOBE NEWSWIRE) — Sykes Enterprises, Incorporated…

Raging Capital Letter Sent to MRV Comm

(See earlier posts on MRVC dated 8/11/11 and 6/30/11)   The Board of Directors MRV Communications, Inc. 20415 Nordhoff Street Chatsworth, CA  91311 Ladies and Gentlemen:    Raging Capital Management, LLC and its affiliates currently own approximately 5.8% of the outstanding shares of MRV Communications, Inc. (the “Company”).   We are writing to the members of…

McGraw-Hill May Spin Off Education Division

(See earlier posts on McGraw-Hill dated 8/2/11, 8/1/11 and 7/29/11) (Source: NY Times) McGraw-Hill is now weighing what to do with one if its oldest businesses: education. The company has retained an investment bank, Evercore Partners, to explore a possible spinoff of the business, which accounts for more than a third of its revenue, to…