Monthly Archives: April 2014

Energizer to Split into Two

(Market Cap $7.1B) Energizer Holdings, Inc. plans to separate the company’s Household Products and Personal Care divisions into two independent, publicly traded companies.  The separation is planned as a tax-free spin-off to shareholders and is expected to be completed in the second half of the 2015 fiscal year.   Household Products (batteries and portable lighting…

Noble Spin Off Set for Q3-2014

(Market Cap $7.7B) Noble Corporation expects to effect the spin-off as a dividend of 100 percent of the shares of Paragon Offshore to Noble’s shareholders during the third quarter of this year. Paragon Offshore will own and operate most of Noble’s current standard specification drilling business, including five drillships, three semisubmersibles, 34 jackups, and one…

Stadium Capital Sends Insperity Follow-Up Letter

April 28, 2014 To our fellow Insperity stockholders: Stadium Capital Management GP, LP and its affiliates (collectively, “Stadium”, “Stadium Capital”, or “we”) currently own approximately 2.3 million shares of common stock of Insperity, Inc. (“Insperity” or the “Company”) (NYSE: NSP), or about 9% of the Company’s outstanding common stock. We have been a significant stockholder…

Heartland Advisors to Address Corp Governance at Lincoln

(Market Cap $99M; Heartland owns 17.2%) Heartland acquired the Common Stock for investment purposes. As described in Item 6, certain of the Reporting Persons currently intend to enter into discussions, either directly or through representatives, with the Company’s management and directors with a view to changing the corporate governance of the Company to bring it…

ATK to Spin Off Sporting Group Unit

(Market Cap $4.7B) Orbital Sciences Corporation (ORB) has entered into a definitive agreement with Alliant Techsystems Inc., which will combine Orbital and ATK’s Aerospace and Defense (A&D) Groups to create a $4.5 billion (combined calendar year 2013 annual revenue), 13,000-person space, defense and aviation systems developer and manufacturer. The new company, to be called Orbital ATK,…

CVR to be Issued in Forest-Furiex Deal

Forest Laboratories, Inc. has agreed to acquire Furiex for $95 per share, or approximately $1.1 billion in cash, and up to $30 per share (approximately $360 million in aggregate) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex’s lead product, as a controlled drug following approval. Eluxadoline…

G&K Services Paying $6 Special Dividend

(Market Cap $1.1B) G&K Services, Inc. has declared a special cash dividend of $6.00 per share. The dividend will be payable on June 6, 2014 to shareholders of record at the close of business on May 20, 2014. The aggregate amount paid in connection with this special dividend will be approximately $120 million, which will…

Gabelli Pushing for Spin-Offs at NFG

(Market Cap $6.1B) At the Issuer’s March 13, 2014 Annual Meeting of Stockholders, GAMCO, to the extent that GAMCO had voting authority over its investment advisory accounts, voted in favor of the Issuer’s nominees up for election as directors.   In preparation for the Issuer’s 2015 Annual Meeting of Stockholders, GAMCO will be evaluating all…

Relational Believes Clean Harbors Stock Undervalued

The Reporting Persons acquired the Shares covered by this Statement because, in their opinion, such Shares are undervalued, and the current share price does not adequately reflect the potential for significant earnings and cash flow growth. The Reporting Persons believe improvements in a number of areas will further enhance the Company’s equity valuation. Since their…

Sandell Makes a Case for $76-$91 BOBE Stock

On April 24, 2014, CGESE Master submitted to the Issuer a formal notice of its intent (the “Notice”) to (i) nominate eight individuals and one alternate (the “Nominees”) for election to the Board as directors at the 2014 annual meeting of shareholders of the Issuer (the “Annual Meeting”) and (ii) present a proposal to repeal…

Marcato Supports Third Point on Sothebys

The Reporting Persons support the Third Point LLC nominees for the board of directors of the Issuer at the upcoming annual meeting of shareholders. Attached hereto as Exhibit 4 is a presentation made by Marcato at the “Active-Passive Investor Summit” held in New York, New York, on April 22, 2014. Click here to go to Marcato’s Presentation.

Lemelson Capital Wants Kulicke to Buy Back Shares

(Market Cap $994M) April 22, 2014 Mr. Bruno Guilmart President and Chief Executive OfficerK&S Corporate Headquarters23A Serangoon North Ave 5 #01-01Singapore 554369 Dear Bruno, Congratulations on what can only be described as first-rate execution since taking over as CEO of Kulicke and Soffa Industries in 2010.  The firm’s focus on transitioning to copper wire bonding proved timely while…

Luxor Capital Settles with BJ’s Restaurants

On April 21, 2014, the PW Group, Luxor, the Zelman Shareholders (collectively, the “PW Group/Luxor/Zelman Shareholders”) and the Issuer entered into the Agreement. Under the Agreement, the Issuer agreed to increase the size of the Board from ten to eleven members and appoint Mark A. McEachen to the Board simultaneously with the execution of the…

Stadium Capital Makes Case for Changes at Insperity

(Market Cap $788M; Stadium owns 9%) April 22, 2014 To our fellow Insperity shareholders: Stadium Capital Management GP, LP and its affiliates (collectively “Stadium” or “We”) currently own approximately 2.3 million shares of common stock of Insperity, Inc. (“Insperity” or the “Company”), or about 9% of the Company’s outstanding common stock. We have been a…

Pershing Square Files 13D on Allergan

(Market Cap $42.4B; Pershing Square owns 9.7%) The Reporting Persons believe that the Issuer’s Common Stock is undervalued and is an attractive investment. The Reporting Persons intend to engage in discussions with the Issuer and Issuer’s management and board of directors, other stockholders of the Issuer and other persons that may relate to governance and…

Orange Capital Wants a Spin-Off at Pinnacle Entertainment

(Market Cap $1.4B) April 16, 2014   Mr. Anthony Sanfilippo Chief Executive Officer Pinnacle Entertainment, Inc. 3980 Howard Hughes Parkway Las Vegas, Nevada, 891   Dear Mr. Sanfilippo:  Orange Capital, LLC (“Orange Capital” or “We”), a New York based investment fund, is the beneficial owner of approximately 4.4% of Pinnacle Entertainment, Inc.’s (“Pinnacle” or the…

Vintage Capital Withdraws Offer for Aaron’s

April 17, 2014 Aaron’s, Inc. 309 East Paces Ferry Road, N.E. Atlanta, GA 30305-2377 Attn: Ray M. Robinson, Chairman Dear Members of the Board of Directors of Aaron’s, Inc.: We have previously written to you on several occasions urging you not to engage in short-term financial engineering or value-destructive transactions to mask Aaron’s long-term declines…

Och-Ziff Capital Files 13D on Bankrupt Genco

(Market Cap $81M; Och-Ziff owns 7.3% at an average cost of $1.83 per share) The securities of the Issuer reported in this Schedule 13D were acquired by the Reporting Persons for investment purposes. The Reporting Persons intend to monitor the Issuer’s restructuring process, as first described in the Current Report on Form 8-K filed by the Issuer with the…