Monthly Archives: November 2013

Kellogg’s Proxy Contest at MFC Industrial

Mr. Peter R. Kellogg and IAT Reinsurance Company Ltd. announced today that they have submitted a notice of intention to nominate directors at the next meeting of shareholders of MFC Industrial Ltd. which is currently scheduled for December 27, 2013. As set out in the notice and the enclosed materials submitted to MFC, which were…

Private Equity Firms Looking at Compuware

(Market Cap $2.4B) According to Reuters and Financial Times, a number of private equity investors are looking to make a bid for Compuware Corp, a company that we have highlighted many times on SSM.  The PE firms, Thoma Bravo and Vista Equity Partners, have approached Compuware about taking the company private.  Other prospective buyers, according to…

Anixter Paying Special Dividend

(Market Cap $2.8B) Anixter International Inc.has declared the payment of a special dividend to shareholders of $5 per common share, or a total cash outlay of approximately $165 million. The special dividend is payable on January 2, 2014, to shareholders of record on December 11, 2013.

Icahn Bailing Out of Take Two

  On November 26, 2013, certain of the Reporting Persons entered into a Purchase Agreement (the “Purchase Agreement”) with the Issuer pursuant to which such Reporting Persons agreed to sell to the Issuer an aggregate of 12,020,744 Shares, at a price of $16.93 per share.  The transactions contemplated by the Purchase Agreement are expected to close…

EXCO to Conduct Rights Offering

(Market Cap $1.2B) EXCO Resources, Inc. intends to conduct a rights offering, which will allow the company to raise equity capital through the sale of its common shares. Certain terms of the rights and the record date to determine those shareholders entitled to receive the rights will be announced at a later date. In connection with…

Bulldog Now Wants a Liquidation of Javelin

ITEM 4. PURPOSE OF TRANSACTION A member of the filing group has provided advance notice to the Company of its intent, at the Company’s 2014 annual meeting, to (1) nominate six persons for election as directors and (2) present a proposal recommending that the Company’s previously authorized program to repurchase shares be completed as soon as practicable provided such…

Saga Comm to Pay Special Dividend

(Market Cap $261M) Saga Communications, Inc. has declared a special cash dividend of $1.80 per share on its Classes A and B Common Stock to be paid on December 12, 2013 to shareholders of record on December 2, 2013.  The aggregate amount of the payment to be made in connection with the special dividend will…

Third Activist Fund to Take Position in Aeropostale

Crescendo Partners 777 Third Avenue, Floor 37 New York, NY 10022 (212)-319-7676 November 21, 2013 Members of the Board of Directors c/o Ms. Karin Hirtler-Garvey Aéropostale, Inc. Dear Board Members, Crescendo Partners, together with its affiliates (“Crescendo”), is a significant stockholder of Aéropostale, Inc. (“Aéropostale” or the “Company”). We initially invested in Aéropostale because of…

Orange Cap Wants to Bring Change to Strategic Resorts

(Market Cap $1.8B) Orange Capital, LLC, a large shareholder of Strategic Hotels & Resorts, Inc., owning approximately 4.0% of the outstanding shares of the Company, announced today that it intends to nominate four independent directors to the Board of Directors of Strategic Hotels for election at the 2014 annual meeting.  Orange Capital’s nominees bring significant…

Lonestar Has Some Advice for Lee Enterprises

(Market Cap $187M) LONESTAR CAPITAL MANAGEMENT LLC November 19, 2013 Board of DirectorsLee Enterprises, IncorporatedDear Members of the Board of Directors: As was disclosed in a Schedule 13D filed on November 1, 2013, Lonestar Partners, L.P., an investment fund advised by Lonestar Capital Management LLC (together, “Lonestar”), owns 3.0 million shares of common stock of…

More Bad News for Ackman on Herbalife

(Market Cap $6.7B; Filed by William Stiritz, CEO of Post Holdings; 6.38% ownership) Item 4. Purpose of Transaction. The Reporting Person has analyzed the Company and concluded that it has a sound business model, a strong distribution system and a positive outlook for long-term growth opportunities. The Reporting Person believes that the Company’s market capitalization is…

Espey Paying a Special Dividend

(Market cap $78M and EV $62M; stock is trading with a 3.1% div yield) Espey Mfg. & Electronics Corp. has declared a special cash dividend of $1.00 per share. This special dividend is in addition to a regular quarterly dividend of $0.25 per share. The dividends will be payable on December 19, 2013 to all shareholders of…

Kimberly-Clark to Spin Off Healthcare Unit

Kimberly-Clark Corporation will pursue a potential tax-free spin-off of the company’s health care business.  A spin-off would create a stand-alone, publicly traded health care company with approximately $1.6 billion in annual net sales in surgical and infection prevention products and medical devices. Potential Transaction Details Company management will continue to analyze a potential spin-off and expects…

Pershing Square Files 13D on Fannie

(Market Cap $19.2B; Pershing Owns 9.98% at an average cost of $2.29 per share) In light of the proposed Fairholme transaction on behalf of certain holders of preferred stock of the Issuer which was reported in the financial press, the Reporting Persons have determined that they may engage in discussions with management, the board, other…

Turquoise Hill to Conduct Rights Offering

(Market Cap $4.1B) Turquoise Hill Resources provided an update on the status of its Oyu Tolgoi Project relating to discussions with the Government of Mongolia, as well as the timing and availability of project financing. The Company also announced it has filed today a preliminary prospectus with securities regulatory authorities in Canada and the United States…