Monthly Archives: March 2016

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NSAM to Review Strategic Alternatives ($2.24B)

NorthStar Asset Management Group Inc.  has formed a Special Committee comprised of the three NSAM independent directors, who are not on the board of directors of NorthStar Realty Finance Corp., to continue the previously announced strategic alternatives process. The Special Committee has hired Evercore Partners Inc. as a financial advisor.  The three NSAM independent directors…

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Mangrove Goes Activist on RPX Corp ($578M)

Mangrove Partners disclosed ownership of 2,580,986 shares (5%) acquired at an average cost of $10.61 or 5% below current price of $11.20 per share. The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities are undervalued and represent an attractive investment opportunity. Depending upon overall market conditions,…

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City Unhappy with Korea Equity fund ($75M)

City of London owns 42.3%. March 16, 2016 Mr. Rodney A. Buck, Chairman Korea Equity Fund, Inc. 1857 West County Road Calais, Vermont 05648 Dear Mr. Buck, City of London Investment Management Company, Inc. (“City of London”) was, at the time of the most recent filing, the beneficial owner of in excess of 4,000,000 shares…

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Vince Holdings to Distribute Rights ($257M)

Vince Holding Corp. a leading contemporary fashion brand (“Vince” or the “Company”), today announced the subscription price for its previously announced non-transferable rights offering (the “Rights Offering”). Under the terms of the Rights Offering, Vince will distribute at no charge to the holders of its common stock on March 23, 2016 (the “Record Date”), non-transferable rights…

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FrontFour Calls for Ferro Sale ($942M)

March 14, 2016 Mr. Peter T. Thomas Chairman, President and CEO Ferro Corporation 6060 Parkland Boulevard Mayfield Heights, OH 44124 cc: The Board of Directors, Ferro Corporation Dear Peter, As you are aware, FrontFour Capital Group LLC (“FrontFour”) is a significant and long-term shareholder of Ferro Corp. (“Ferro”) with a total ownership stake representing over…

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PHH to Review Strategic Alternatives ($699M)

  PHH Corporation announced that its Board of Directors and management are undertaking a comprehensive review of all strategic options, including capital structure and deployment alternatives, to maximize value for shareholders. The Company has retained Credit Suisse Securities (USA) LLC and J.P. Morgan as financial advisors and Jones Day as legal advisor to assist in the…

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UAL’s Unhappy Investors Want Change ($20.6B)

The filing group collectively owns 25,938,979 (7.2%) of the company. March 8, 2016 Board of Directors c/o Chairman Henry L. Meyer III United Continental Holdings, Inc. 233 South Wacker Drive Chicago, IL 60606 Subject: Meaningful Board Change Required Dear Chairman Meyer and Board Members: As you know, Altimeter Capital Management and PAR Capital Management are long-term United…

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Potrero’s Slide Presentation on Datawatch ($60M)

Potrero Capital owns 649,991 (5.6%) shares acquired at an average price of $9.26 which is 44% higher than current price of $5.18. On March 8, 2016, Potrero released an investor presentation and issued a press release explaining its views regarding why immediate change is necessary to the Issuer’s Board of Directors, including the Issuer’s repeated…

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Moab Held Private Talks with Perceptron ($48M)

  Moab Capital Partners disclosed ownership of 617,870 (6.6%) shares acquired at an average cost of $7.33 per share which is 30% higher than current price of $5.145. 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…

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Prentice Capital Points to Bebe’s Cash ($57M)

  Prentice disclosed ownership of  4,377,081 shares (5.55%) March 4, 2016 Bebe Stores, Inc. 400 Valley Drive Brisbane, CA 94005 Dear Board of Directors: As you are aware, an affiliate of Prentice Capital Management, LP owns approximately 5.6% of the outstanding shares of Bebe Stores, Inc (BEBE or “the Company”). We are writing to express…

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Sandell Disappointed with Bob Evans ($970M)

Sandell owns 1,377,561 (7%) of the company at an average cost of approx. $48 per share versus its current price of $46.35. The Reporting Persons are disappointed that the Issuer did not announce any specific plan on its March 2, 2016 investor conference call to retain an investment banking firm to advise on the various…

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Elliott Goes Activist on Qlik ($2.4B)

  Elliott Associates disclosed ownership of 8.88% shares. The Reporting Persons believe the securities of the Issuer are significantly undervalued. The Reporting Persons believe the Issuer operates in a highly strategic area of the technology industry with an attractive competitive position and a compelling product set, the value of which is not reflected in the…

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VA Partners Lightens its Motorola Position ($12.35B)

  VA Partners decreased its ownership in MSI to 10,963,576 (6.3%) shares by selling 625K shares at $74.14 and 6M shares at $70.00 compared to Friday’s closing price of $70.95 The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment…

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Asta Funding Wont Talk to Mangrove ($97M)

Mangrove Partners disclosed ownership of 2,102,427 shares (17.4%) acquired at an average cost of $8.31 per share or 3% above current price of $8.04. 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…

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Cannell Wants Fresh Blood at Rightside ($160M)

Cannell Capital disclosed ownership of 1,389,953 shares (7.32%) acquired at an average cost of $8.53 per share or 1.3% above current price of $8.42. Cannell Capital LLC 245 Meriwether Circle Alta, WY 83414 Tel (307) 733-2284 Fax (307) 264-0600 info@cannellcap.com February 19, 2016 Mr. David E. Panos Chairman of the Board Rightside Group, Ltd. 5808…

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Shareholder Sends Five Star a Letter ($116M)

As previously disclosed, on December 15, 2015, GPA, Inc. (“GPA”), an affiliate of the Reporting Persons, sent to Five Star Quality Care, Inc. (the “Issuer”) a Letter of Intent signed by GPA pursuant to which GPA proposed to acquire 33 senior living facilities (the “Assets”) owned by the Issuer and its subsidiaries (collectively, the “Sellers”),…