Monthly Archives: August 2014

Elizabeth Arden to Evaluate Rhone’s Tender Offer

(Market Cap $530M) Elizabeth Arden, Inc. announced that Nightingale Onshore Holdings L.P. and Nightingale Offshore Holdings L.P., investment funds affiliated with Rhône Capital L.L.C., have commenced a partial tender offer to acquire up to 6,442,013 shares of the Company’s outstanding common stock, constituting approximately 20% of such outstanding common stock (including shares of common stock…

Couchman Sends Letter to NOL Shell Affymax

XSTELOS HOLDINGS, INC. 630 Fifth Avenue, Suite 2260 New York, New York 10020 August 25, 2014 VIA E-MAIL Board of Directors AffymaY, Inc. Dear Ladies and Gentlemen: As you are aware, Xstelos Holdings, Inc. (“Xstelos,” “we,” “us” or “our”) has engaged in discussions with representatives of Affymax, Inc. (the “Company”) since July 2, 2014 regarding potential alternatives…

Marcato Target LTM Looking into REIT Conversion

Life Time Fitness, Inc. has initiated a process to explore a potential conversion of real estate assets into a Real Estate Investment Trust (REIT). Based on a review of several strategic alternatives, the company’s board believes that a REIT conversion could provide substantial benefits to the company and its shareholders given its significant real estate…

Van Den Berg Wants Changes at Layne Christensen

(Market Cap $222M; Van Den Berg owns 16.2%) Purpose of Transaction.   The Advisor purchased the Subject Shares for the benefit of itself and its clients for investment purposes based on the belief that the common stock of the Issuer is currently trading at a significant discount to the Issuer’s underlying business value.   The…

Couchman Prefers to Utilize NOLs Over AFFY Liquidation

(Market Cap $4M; Couchman owns 5%)   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…

What Attracts Activists to Rosetta Stone

Osmium Capital has taken a 9.995% position in Rosetta and filed a 13D on 8/21/2014 with this boiler-plate language: The Reporting Persons purchased the Common Stock based on the belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Although no Reporting Person has any specific plan or proposal to acquire…

Blue Harbor Group files 13D on Investors Bancorp

(Market Cap $3.7B; Blue Harbor owns 5.7% at a cost of $10.35 per share) The Reporting Persons acquired the Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business. The Reporting Persons acquired the Common Stock because they believed that the Common Stock reported herein, when purchased, represented…

HG Vora Wants Town Sports to Increase SH Value

(Market Cap $105M; HG Vora owns 16%) The Reporting Persons have acquired the Issuer’s Common Stock for investment purposes, and such purchases have been made in the Reporting Persons’ ordinary course of business. As part of their ongoing monitoring and assessment of their investment in the Issuer’s Common Stock, the Reporting Persons conducted a review…

Carl Icahn Files 13D on Hertz

(Market Cap $13.6B; Icahn owns 8.48% at a total cost of $470.5M including options)   Purpose of Transaction   The Reporting Persons acquired their positions in the Shares in the belief that they were undervalued. The Reporting Persons intend to have discussions with representatives of the Issuer’s management and board of directors relating to shareholder…

PetSmart to Seek Strategic Alternatives

PetSmart, Inc. announced that based on a thorough business review that began last spring (yeah right..), the Board of Directors has determined that it will explore strategic alternatives for the Company to maximize value for shareholders, including a possible sale of the Company. The Board has been working with JP Morgan Securities LLC and Wachtell,…

Orange Capital Getting Involved with Bellatrix

(Market Cap $1.5B; Orange Capital owns 5.3%) PURPOSE OF TRANSACTION The Reporting Persons initially acquired beneficial ownership of the shares of Common Shares of the Issuer reported herein for investment purposes because they believed the Common Shares represented an attractive investment opportunity. The Reporting Persons intend to engage management of the Issuer (“Management”) and the…

Blue Harbor Group Files 13D on Rackspace

  PURPOSE OF TRANSACTION The Reporting Persons acquired the Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business. The Reporting Persons acquired the Common Stock because they believed that the Common Stock reported herein, when purchased, represented an attractive investment opportunity. The Reporting Persons and their representatives…

Jana Receives an Anonymous Package on PetSmart

  August 18, 2014   Board of Directors PetSmart, Inc. 19601 North 27th Avenue Phoenix, Arizona 85027 Attention:                 David K. Lenhardt, President and Chief Executive Officer Gregory P. Josefowicz, Chairman of the Board Paulette Dodson, Senior Vice President, General Counsel and Secretary   Ladies and Gentlemen,  On August 14, 2014, JANA Partners LLC (“we” or “us”) received in the mail…

Lonestar Says SWS Merger Undervalues the Company

(Market Cap $240M) 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…

WesternZagros Backstopped Rights Offering

WesternZagros Resources Ltd. will launch a CDN$250 million equity rights offering that is supported by a comprehensive equity arrangement for up to CDN$200 million and a separate debt financing arrangement of U.S.$200 million from its largest shareholder, Crest Energy International LLC. The proceeds of this financing will fund the development of the Company’s two major…

Actions Semi to Conduct Dutch Auction

(Market Cap $164M) Actions Semiconductor Co., Ltd. expects to commence a “Dutch auction” tender offer in August 2014 to purchase for cash up to 60,000,000 of its issued and outstanding ordinary shares, which represents, as of August 10, 2014, approximately 14.6% of Actions Semiconductor’s outstanding ordinary shares, $0.000001 par value per share, at a purchase…