Monthly Archives: January 2015

Signature Group Provides Info on Rights Offering

Signature Group Holdings announced specific terms of its previously disclosed $55 million rights offering.  The company distributed subscription rights to the holders of record of its common stock as of the close of business on January 28, 2015 to purchase up to 9,751,773 shares of its common stock. The subscription rights attach to the shares of its common stock,…

Manitowoc to Spin Off Food Service Unit

The Manitowoc Company has approved a plan to pursue a separation of its Cranes and Foodservice businesses into two independent, publicly-traded companies. The Company currently anticipates effecting the separation through a tax-free spin-off of the Foodservice business and expects the spin-off to be completed in the first quarter of 2016. The Cranes business, which reported annual…

Trigran Points to Excess Cash at NVE Corp

(Market Cap $324M; Trigran owns 9.89%) Purpose of Transaction  In the Original Schedule 13D, the Reporting Persons expressed concern that the amount of cash on the Issuer’s balance sheet had grown significantly over time without the Issuer engaging in any type of capital allocation program for the benefit of shareholders, and indicated that they would…

Roumell Quite Happy with SeaChange

January 28, 2015   Board of Directors SeaChange International Inc 50 Nagog Park Acton, MA  01720   Dear Members of the Board: After watching the initial actions of newly appointed CEO, Jay Samit, over the past several months, and after a lengthy meeting with Mr. Samit last week, we want to applaud the board’s decision to…

Yahoo! to Spin Off Alibaba Stake

Yahoo! Inc. will spin-off of the company’s remaining holdings in Alibaba Group into a newly formed independent registered investment company (“SpinCo”). The stock of the new company will be distributed pro rata to Yahoo shareholders, resulting in SpinCo becoming a separate publicly traded company. Following the spin-off, Yahoo will continue to operate its core business and hold…

Sandell Asks SemGroup to Conduct Strategic Review

January 26th, 2015 SemGroup Corporation 6120 South Yale Avenue, Suite 700 Tulsa, OK 74136-4216 Ladies and Gentlemen: As you know, we are shareholders of SemGroup Corporation (“SEMG” or the “Company”) and have been recurrent investors since the Company emerged from bankruptcy in 2009. We re-invested in the Company recently as we believed SEMG’s transition to a pure-play…

Elliott Wants Informatica to Maximize Shareholder Value

(Market Cap $4.4B; Elliott Associates owns 8%) The Reporting Persons believe the securities of the Issuer are significantly undervalued. The Reporting Persons have initiated a dialogue with the Issuer’s Management and Board of Directors regarding steps to maximize shareholder value.   Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and…

Icahn Wants Better Governance at Gannett

(Market Cap $7.08B) CARL C. ICAHN 767 Fifth Avenue, 47th Floor New York, New York 10153    January 21, 2015   BY EMAIL   Gannett Co., Inc. 7950 Jones Branch Drive McLean, Virginia 22107 Attention: Gracia C. Martore, President & Chief Executive Officer   Dear Gracia,   As you know, I steadfastly believe that shareholders, as…

Stadium Capital Has Big Issues with Big 5

(Market Cap $272M; Stadium owns 11.3%) STADIUM CAPITAL MANAGEMENT, LLC    January 21, 2015 Steven G. Miller Chairman of the Board, President and Chief Executive Officer Big 5 Sporting Goods Corporation 2525 East El Segundo Boulevard El Segundo, CA 90245 Dear Steve: I am deeply disappointed by the January 19 decision of the Board of Directors of…

Inland Sets Spin Off Date for Xenia

Inland American Real Estate Trust, Inc. has formally authorized the distribution of 95% of the shares of common stock of Xenia Hotels & Resorts, Inc., a wholly owned subsidiary of Inland American, to its stockholders. Following the distribution, Xenia will be a self-managed, publicly traded real estate investment trust listed on the NYSE under the…

Starboard Finds Insperity Deeply Undervalued

  January 20, 2015 Paul J. Sarvadi Chairman and Chief Executive Officer Insperity, Inc. 19001 Crescent Springs Drive Kingwood, Texas 77339 cc: Board of Directors Dear Paul, Starboard Value LP, together with its affiliates (“Starboard”), currently owns approximately 13.2% of the outstanding shares of Insperity, Inc. (“Insperity” or the “Company”), making us the Company’s largest shareholder….

Clean Harbors to Carve Out Energy Services

Clean Harbors, Inc, a provider of environmental, energy and industrial services in North America, announced that, as a result of its strategic review, the company plans to carve out its Oil and Gas Field Services segment as a standalone public entity. Due to the synergies related to drilling activity, Clean Harbors also intends to include its…

Vertex Capital Files 13D on Cash Rich GSIT

  Purpose of Transaction. The Reporting Persons acquired the Shares based on the Reporting Persons’ belief that the Shares, when acquired, 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…

Forest City to Convert to a REIT

(Market Cap $4.8B) Forest City Enterprises, Inc., has approved a plan for the company to pursue conversion to real estate investment trust (REIT) status. The company expects to elect REIT status for its taxable year beginning January 1, 2016, subject to business conditions, the completion of related preparatory work and the obtaining of necessary third-party…

FrontFour Disturbed by OM Group S/H Value Destruction

(Market Cap $918M; FrountFour owns 5.8%) Purpose of Transaction.   The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. The Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other…

MeadWestvaco to Spin Off Specialty Chem Biz

MeadWestvaco Corporation has approved a plan to fully separate its Specialty Chemicals business from the rest of the company. The separation is expected to be executed by means of a tax-free spinoff of the Specialty Chemicals business to MWV shareholders, resulting in two independent, publicly traded companies. The spinoff is expected to be completed by the…

SpringOwl Follows Up on Forestar

January 6, 2015 The Need FOR Change: Oversight of Long Overdue Strategic Refocusing Dear Fellow Forestar Stockholder: The Value FOR Shareholders Group is a group of concerned shareholders comprised of SpringOwl Asset Management LLC and Cove Street Capital LLC that, together with their respective affiliated parties, beneficially own greater than 7.0% of Forestar’s outstanding common…

Empire Resorts to Raise $50M via Rights Offering

Empire Resorts, Inc. has commenced a rights offering for approximate gross proceeds of $50,000,000. Empire has granted, at no charge to the holders of record of its common stock and Series B Preferred Stock on January 2, 2015, the record date for the rights offering, one non-transferable subscription right for each 5.6 shares of common stock…