Monthly Archives: May 2012

Cadian Abandons Solicitation – Agrees to Vote for Comverse Spin-off

Comverse Technology, Inc. (CTI) announed an agreement with Cadian Capital Management, LLC regarding the composition of the Boards of Directors of CTI, its majority-owned subsidiary Verint Systems, Inc. and its wholly-owned subsidiary Comverse, Inc. (CNS). Cadian agreed to abandon its solicitation for the election of its director nominees and vote in favor of CTI’s director nominees…

Generac Paying Special Dividend

Generac Holdings Inc.  a manufacturer of generators and other engine powered products, announced today that it has completed the previously disclosed amendment and restatement of its existing senior secured credit facilities, pursuant to which it has incurred $900 million of senior secured term loans to replace its existing $575 million term loan facilities. Additionally, the Company…

Fiat Industrial Proposes Transaction with CNH

May 30, 2012  Board of Directors CNH Global N.V. Re: Potential Transaction with Fiat Industrial S.p.A. Gentlemen, I am writing on behalf of Fiat Industrial S.p.A. (“FI”), to invite the board of directors of CNH Global N.V. (“CNH”) to explore the benefits of a potential strategic transaction between FI and CNH. The existing shareholding structure…

Booz Allen Paying Special Dividend

On May 29, 2012, Booz Allen’s Board of Directors authorized and declared a cash dividend in the amount of $0.09 per share, the second regular quarterly cash dividend issued by the Company. Additionally, the Board declared a special cash dividend of $1.50 per share. Both the quarterly and special dividend are payable on June 29,…

Write-Up on Kinder Morgan Warrants

  I came across this write-up on Kinder Morgan warrants in an investor letter published by Locustwood Capital (publicly accessible at the Fund’s website).  The warrants are being issued as partial payment in the KMI-EP merger which just closed.  I found the thesis intriguing so bringing it to your attention. Kinder Morgan Warrants (KMIWS – $2.35) El Paso…

Digital Generation Possibly Exploring a Sale

  (Source: Reuters) Advertising distribution company Digital Generation Inc (DG) is weighing a potential sale and has drawn interest from several private equity firms and rival companies, according to a person familiar with the matter. Buyout firms Hellman & Friedman, Thoma Bravo, Extreme Reach backed by Providence Equity Partners, and TA Associates are among the…

Concurrent Computer Investors Form Group

May 24, 2012 Mr. Steve Nussrallah Chairman of the Board Concurrent Computer Corporation 4375 River Green Parkway, Suite 100 Duluth, GA 30096 Members of the Board of Directors (the “Board”): The undersigned collectively are beneficial owners, through various trusts and other entities, of approximately 10.53% of the outstanding shares of common stock of Concurrent Computer…

Icahn Files 13D on Chesapeake Energy

CARL C. ICAHN 767 Fifth Avenue, 47th Floor New York, New York 10153     May 25, 2012   Via Federal Express and Email   Board of Directors Chesapeake Energy Corporation 6100 North Western Avenue Oklahoma City, Oklahoma 73118     Ladies and Gentlemen:   The past several weeks have proved a difficult time for…

JAKKS Commences Self-Tender

JAKKS Pacific, Inc. has commenced an offer to its shareholders to purchase up to 4,000,000 shares of its common stock at a price of $20 per share. The self-tender offer will expire at midnight, New York City time, on June 27, 2012, unless it is extended or withdrawn. The self-tender offer is not conditioned upon obtaining…

Relational Lists Reasons for Undervaluation of Esterline Tech

  (Filed by Relational Investors) The Reporting Persons acquired the Shares covered by this Statement because, in their opinion, such Shares are undervalued. The Reporting Persons believe the following factors have contributed to the Shares’ undervaluation:  (i) a history of poor capital allocation, including overpaying for acquisitions and overleveraging the Company’s balance sheet resulting in…

Thoughts on Sycamore Networks Post FQ3 Results

As you know, I don’t do “maintenance research” with follow-up notes on quarterly earnings etc.  However, since I had sent a short write-up on Sycamore Networks on April 20, 2012 (please see link below), I thought I might take this opportunity to get this name in front of you once again. Sycamore announced fiscal Q3 results yesterday…

Privet Warns J Alexander Against Delaying Annual Meeting

R. Gregory Lewis, Vice President, Chief Financial Officer and Secretary J. Alexander’s Corporation 3401 West End Avenue, Suite 260 Nashville, Tennessee  37202   Dear Greg,   We understand that the J. Alexander’s Corporation (“J. Alexander’s” or the “Company”) has set yesterday, May 21, 2012, as the record date for its 2012 Annual Meeting of Shareholders…

Weather Investments Points to Broken State of VimpelCom

(Form 13D/A filed by Weather Investments II) Ladies and Gentlemen:   As the expected time for convening the 2012 Annual General Meeting of VimpelCom Ltd. (“VimpelCom” or the “Company“) approaches, Weather Investments II S.à r.l. (“Weather II“) notes with great concern the broken state of corporate governance of VimpelCom.   Background VimpelCom began its existence…

Old Republic to Spin Off Unit to Existing Shareholders

Old Republic International Corporation’s subsidiary, Republic Financial Indemnity Group, Inc. (RFIG) has sold a 20.6% common equity interest to a group of investors in a partial leveraged buyout (LBO). The transaction has taken place in conjunction with Old Republic’s decision to spin-off substantially all of its RFIG common stock holdings as a taxable dividend in-kind…

Attention: Elliott Wants BMC Software to Pursue Sale

May 15, 2012   The Board of DirectorsBMC Software, Inc.2101 Citywest BoulevardHouston, TX 77042-2827   Attention:  Robert E. Beauchamp, Chairman and Chief Executive Officer   Dear Members of the Board of Directors:   I write to you today on behalf of Elliott Management and our collective funds, which hold 5.5 percent of BMC Software common…

Bandera Deems Take-Private Offer for Kenneth Cole Inadequate

  The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares…

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