Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor’s efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad’s 13-person board. The labor group said it would back the activist’s seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on … Read more
TGI Fridays logo is seen on one of their branches. John Lamparski | Lightrocket | Getty Images TGI Fridays and Hostmore, the chain’s U.K. franchisee, announced plans to merge on Tuesday. The all-share deal is valued at 177 million pounds ($220 million). If it closes, TGI Fridays, best known for its potato skins, chicken wings … Read more
Macy’s flagship store in Herald Square in New York, Dec. 23, 2021. Scott Mlyn | CNBC Department store Macy’s on Wednesday said it had settled its proxy fight with an activist group led by Arkhouse Management, and that it would add two new directors to its 15-person board. The reshuffle moves Macy’s closer to a … Read more
A pedestrian walks past a Vodafone store in central London on May 16, 2023. British mobile giant Vodafone is to axe 11,000 jobs over three years in the latest cull to hit the tech sector, as new boss Margherita Della Valle slammed recent performance. Adrian Dennis | AFP | Getty Images The U.K. competition regulator … Read more
Bob Iger and Nelson Peltz. CNBC In 2015, Nelson Peltz’s Trian Partners was defeated in an activist campaign against chemical firm DuPont, largely because the top three institutional shareholders voted against his slate. Nearly a decade later, those same institutional investors — Vanguard, State Street and BlackRock — are the three largest shareholders in Disney. … Read more
Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images Shares of Digital World Acquisition Corp. soared about 30% on Monday after an appeals court substantially reduced the bond former President Donald Trump has to post in a civil fraud case, and the company announced it will start trading as DJT on Tuesday. The appeals court … Read more
Joe Kiani, CEO, Masimo Scott Mlyn | CNBC Health-tech company Masimo, best known for its successful patent litigation over the Apple Watch, is facing a proxy fight for the second time in two years — from the same activist investor who now sits on the company’s six-person board. Quentin Koffey’s Politan Capital, a roughly 9% … Read more
Nurphoto | Nurphoto | Getty Images Tinder and Hinge operator Match Group added two new directors and signed an agreement with Elliott Management, months after the activist investor was reported to have taken a stake in the company, Match announced on Monday. Instacart Chief Marketing Officer Laura Jones and Zillow co-founder Spencer Rascoff will join … Read more
Vodafone announced plans to cut 11,000 jobs as part of a turnaround plan from the company’s newly-appointed CEO Margherita Della Valle. Paul Hanna | Bloomberg | Getty Images The U.K.’s Competition and Markets Authority on Friday said Vodafone’s proposed merger with rival CK Hutchison will face an in-depth probe, unless the two mobile operators provide … Read more
SAN FRANCISO — Gerald Levin, who led Time Warner Media into a disastrous $182 billion merger with the internet provider America Online, died Wednesday at the age of 84, according to media reports. Levin had been diagnosed with Parkinson’s disease, although his cause of death was not immediately reported. The former executive’s grandchild, Jake Maia … Read more
