Greetings, good to see you here again. Thank you for joining us for this edition of Knowledge+. Throughout September, we observed 38 active 13D campaigns based on the latest filings and developments. These campaigns highlighted both the achievements and obstacles faced by various activist investors. In particular, two new 13D campaigns were launched during the month. Now, let’s take a closer look at the specifics of each campaign.
DEF14's Activist Alpha® provides real-time updates on the performance and positions of active campaigns filed by renowned activist groups.
Jana Partner Management’s September Activist Campaign
(I): Rapid 7
JANA Partners acquired 3,655,540 shares, representing 5.8% of Rapid7’s outstanding stock, at a total cost of approximately $137 million. The purpose of the acquisition is to engage with the company's board and management to address operational and governance issues and explore potential buyer interest in a sale of the company. Rapid7 is a cybersecurity company specializing in security data and analytics, headquartered in Boston, Massachusetts. JANA believes the shares are undervalued and plans to continue discussions with stakeholders to improve performance and explore strategic options.
QVT Financial’s September Activist Campaign
(I) Allot
QVT Financial acquired 2,857,225 shares, representing 7.4% of Allot Ltd.'s outstanding shares, at a total cost of approximately $21 million. The firm views these shares as an attractive investment and may continue to engage with Allot’s board and management to enhance shareholder value. Allot Ltd. is an Israeli-based company specializing in network intelligence and cybersecurity solutions for service providers and enterprises. QVT Financial intends to monitor its investment and may adjust its stake based on market conditions and the company’s performance.
Other Significant Activist Campaigns Worldwide in September 2024
Irenic Capital Urges Kinaxis to Explore Sale Amid Investor Pressure
Hedge fund Irenic Capital Management has called on Kinaxis, a Canadian software company, to explore a full sale of the company, citing interest from potential financial and strategic buyers. Irenic, led by former Elliott and Indaba Capital executives, emphasized the need for a new CEO and head of sales while criticizing the board for not fully considering potential offers. Despite hiring Goldman Sachs, Kinaxis’ board reaffirmed its commitment to executing its current strategic plan, arguing it would maximize shareholder value. Irenic joined other investors, including Daventry Group, in pushing for a sale, expressing concerns that the board might be neglecting viable alternatives.
Reservoir Media Faces Pressure from Irenic Capital to Conduct Strategic Review
Activist investor Irenic Capital, which holds an 8% stake in Reservoir Media, is urging the Nasdaq-listed music rights company to undertake a full strategic review to explore alternatives for maximizing shareholder value. In a statement on September 30, Irenic encouraged the formation of a special committee of the board to oversee this review, hinting at the possibility of proposing its own plans if Reservoir does not comply. Reservoir's management, led by CEO Golnar Khosrowshahi, has so far remained committed to its existing strategy, indicating no immediate shift in response to Irenic's demands. With a market cap of approximately $504 million and significant ownership by Wesbild Inc, Irenic’s influence faces challenges, but the pressure signals a potential shakeup in the company's strategic direction.
Synthetix Reboot Proposal Wins 99% Approval to Revitalize DeFi Protocol
An activist investor's proposal to overhaul decentralized finance protocol Synthetix has gained 99.4% approval from SNX token holders. Benjamin Celermajer's SR-2 proposal, outlined on Sept. 25, aims to address governance flaws and operational inefficiencies that have stunted Synthetix's growth. The plan includes redesigning the SNX token, enhancing functionality on the Layer-2 network Snaxchain, and expanding to Solana,a blockchain platform, to tap into its community. Additionally, SR-2 proposes consolidating Synthetix's fragmented governance into a single Spartan Council to accelerate decision-making and restore the protocol's position as a leader in DeFi.
Activist Investor Engine Capital Pushes for Board Overhaul and Strategic Changes at Upwork Amid Stock Decline
Activist investor Engine Capital, holding a 3.5% stake in freelancing platform Upwork, is pushing for significant changes in the company’s leadership and strategy after a 40% drop in its stock price this year. In a letter to the board, Engine Capital called for cost reductions, a stronger focus on the enterprise sector, and a board shakeup, criticizing current directors for their lack of experience in staffing and marketplace operations. The hedge fund believes Upwork’s stock is undervalued despite recent revenue growth and Wall Street’s “buy” rating and recommends share buybacks to increase shareholder value. Engine’s push underscores ongoing concerns about governance and strategic clarity at Upwork.
Activist Investor AJ Investments Gains 10% Support from Ubisoft Shareholders, Pushes for Sale Amid Stock Decline
Activist investor AJ Investments, holding less than 1% of Ubisoft's shares, claims to have garnered support from 10% of shareholders in its push to sell the "Assassin's Creed" maker. In a letter exclusively shared with Reuters, AJ Investments urged Ubisoft's management to allow a sale to third parties or private equity firms at a fair price. This move comes after AJ Investments called for a CEO change and suggested the company go private. Ubisoft's stock has plummeted 50% this year, significantly underperforming competitors like Electronic Arts and Capcom, partly due to delays in major releases and underwhelming recent titles. AJ Investments plans to meet with Ubisoft’s management to discuss its proposals, signaling heightened pressure on the Guillemot family, which controls 15% of the company, and Tencent, which owns just under 10%.
Engine Capital Offers to Withdraw Special Meeting Request if Dye & Durham Holds AGM in December
Activist investor Engine Capital, which holds a 7.1% stake in Canadian legal-software company Dye & Durham, is willing to withdraw its request for a special shareholder meeting if the company schedules its annual general meeting (AGM) in December, as historically done. The request stemmed from concerns over Dye & Durham's acquisitions despite rising debt levels, including a controversial fourth-quarter acquisition. Although Engine Capital initially pushed for a special meeting, it now deems it unnecessary due to its proximity to the AGM, and will instead pursue board changes at that time if the company meets the December AGM deadline.
Masimo Founder Joe Kiani Ousted as Chairman Amidst Proxy Fight, Politan Capital Gains Control of Board
In a surprising move on Sept. 19, Masimo Corp.'s shareholders voted to oust founder Joe Kiani as chairman, electing Politan Capital’s nominees, Darlene Solomon and William Jellison, to the board. With Politan Capital now controlling four of the six board seats, Kiani, who also serves as CEO, is likely to depart, along with key executives, including COO Bilal Muhsin, as both previously vowed to leave if Kiani was removed from the board. Politan, which holds 9% of Masimo’s shares, has been critical of Kiani’s governance and costly acquisitions, and its victory signals a major shift in the company’s leadership. Masimo shares rose 7.2% following the vote, but the company's future direction under Politan's influence remains uncertain, leaving its strategy and leadership in the spotlight.
News Corp Faces Showdown with Activist Investor Starboard Over Dual-Class Share Structure
Activist investor Starboard Value LP is urging News Corp to eliminate its dual-class share structure, citing risks related to Rupert Murdoch's succession. The Murdoch family, which holds 14% of the company's economic ownership but controls 41% of voting shares, could see destabilizing internal conflicts as control of the Murdoch Family Trust shifts to Murdoch's four children. Starboard argues that the super-voting rights, initially designed to give Rupert Murdoch control, are no longer appropriate as power transfers to the next generation, whose differing views on the company's strategy could pose risks to shareholders. In response, News Corp defended the dual-class structure, claiming it promotes stability and has facilitated long-term success. The dispute will culminate in a vote at the upcoming 2024 annual meeting, where Starboard has submitted a proposal urging shareholders to eliminate the dual-class structure to improve governance and enhance shareholder value.
Activist Ancora Pressures Forward Air for Strategic Review Following Controversial Omni Logistics Acquisition
Activist investor Ancora Advisors, holding approximately 4% of Forward Air's shares, is calling for a strategic review by independent legal and financial advisors, urging the company to consider a sale. This comes after Forward Air's stock plummeted due to its $1.6 billion debt-funded acquisition of Omni Logistics, a move that Ancora vehemently opposed. Having previously campaigned successfully for operational improvements at Forward Air, Ancora argues that the company, now burdened with a bloated balance sheet and high costs, would benefit from going private to restructure effectively. Clearlake Capital, another key player with a 13.8% stake, has also filed a 13D suggesting interest in strategic alternatives, signaling that a private equity acquisition could be on the horizon. The involvement of Ridgemont Equity, which owns a significant stake and holds two board seats, may be pivotal in any potential sale.
Reform UK’s Ben Habib Faces Criticism Over Controversial £3m Fundraise
Ben Habib, former deputy leader of Reform UK and CEO of property investment firm First Property, has come under fire from activist shareholder Peter Gyllenhammar over a £2.96 million fundraise. The open offer, which allows existing investors to purchase shares at an 8p per share discount—half of their 16p market value—has been underwritten by Habib and chairman Alasdair Locke, giving them the chance to acquire any unclaimed shares at a significant discount. Gyllenhammar, who holds a 25% stake, labeled the move “horrible and scandalous,” accusing the board of diluting shareholders’ interests. First Property defended the offer, claiming it ensures shareholders can participate equally, but the controversy has cast a shadow over the company's fundraising strategy.
Commerzbank's New CEO Bettina Orlopp Faces Immediate Test with UniCredit Takeover Attempt
Bettina Orlopp, Commerzbank’s first female CEO, faces a major challenge just days into her new role after Italy’s UniCredit made a surprise bid to acquire a stake in Germany's second-largest bank. Known for her decisive leadership style, Orlopp steps into her position during a pivotal moment, with management, employees, and even Chancellor Olaf Scholz opposing the potential takeover. Orlopp, who previously played a key role in restoring Commerzbank's profitability by cutting jobs and branches, is tasked with balancing shareholder interests while advocating for the bank's independence. With Politan’s sudden share swoop and Orlopp's promotion after predecessor Manfred Knof’s departure, the bank’s future under her leadership remains uncertain, but her clear messaging and strategic vision will be tested as she navigates these complex waters.
CVS Health Faces Pressure as Activist Investor Glenview Capital Pushes for Change
CVS Health Corp, an American healthcare company, is under renewed scrutiny as activist investor Glenview Capital Management, led by Larry Robbins, prepares for high-level talks with CEO Karen Lynch. Robbins, who has built a $700 million position in CVS, is expected to push for operational improvements and cost-cutting measures without advocating for a breakup of the company. CVS has faced challenges in its Health Care Benefits segment, leading to a stock decline of 24% year-to-date. As CVS revises its Medicare strategy and leadership changes unfold, the company also faces regulatory pressures, including a Federal Trade Commission investigation into its pharmacy benefit manager, Caremark, over alleged anti-competitive practices.
Office Rental Group IWG Pressured by Activist Investor to Relist in the U.S. to Unlock Shareholder Value
Miami-based investment firm Buckley Capital Management, one of the top 15 shareholders of International Workplace Group (IWG), is urging the office rental company to delist from the London Stock Exchange and relist on a U.S. stock exchange. Buckley contends that a U.S. listing would expose IWG to a larger, more liquid market where investors better appreciate the company's leverage and business model, leading to a higher valuation. In addition to pursuing a U.S. relisting, Buckley advocates for IWG to initiate a share buyback program, and warns that if these measures fail to significantly boost the company's shares, IWG should explore a potential sale. Buckley, which has held shares in IWG since early 2023, believes the company has the potential to dramatically increase free cash flow and achieve substantial gains in its share price over time.
Nike Faces Shareholder Pressure on Environmental and Worker Protections, Despite Long Odds
At Nike's annual shareholder meeting on September 10, 2024, activist investors pushed for increased transparency and action on climate change, gender equity, and labor rights. Led by groups such as Trillium Asset Management and Trium Sustainable Innovators, these proposals called for the company to report on missed climate targets, address allegations of unpaid wages in its supply chain, and evaluate pay gaps. Despite this pressure, Nike’s history of shareholder voting suggests these proposals are unlikely to pass, as none of the 18 similar proposals since 1996 have succeeded. The meeting follows increasing demands for corporate responsibility, yet the influence of shareholders on company policy remains limited, particularly in cases like Nike, where co-founder Phil Knight retains significant control. Although activist investors face long odds, they continue to use these proposals to publicly challenge Nike’s commitment to sustainability and workers' rights.
JetBlue CEO Joanna Geraghty Navigates Activist Pressure While Steering Airline's Turnaround
Joanna Geraghty, JetBlue's first female CEO, is staying optimistic amid ongoing pressure from activist investor Carl Icahn, who took a 10% stake in the company and placed two representatives on the board. Speaking at the Skift Global Forum, Geraghty acknowledged that while shareholder activism can be distracting, JetBlue's discussions with Icahn’s team have been constructive as they focus on returning to profitability. Despite the airline’s setbacks, including a blocked acquisition of Spirit Airlines and grounded planes due to engine issues, Geraghty remains committed to turning JetBlue around with a focus on premium offerings, including the launch of its first airport lounges in New York and Boston.
Elliott Investment Management Secures 10% Stake in Southwest Airlines, Ready to Call Special Meeting
Elliott Investment Management has crossed the 10% ownership threshold in Southwest Airlines, enabling the activist hedge fund to call a special shareholder meeting. Elliott, which holds a total 11% economic stake through derivatives and shares, is pressuring the airline to replace CEO Robert Jordan and Executive Chairman Gary Kelly, while also planning to nominate 10 directors to the board. The hedge fund is preparing to escalate its fight if Southwest resists leadership changes, signaling that it may call a rare special meeting to solicit shareholder votes. Southwest has implemented a shareholder rights plan to make it harder for investors to further increase their stakes, as the airline struggles with stock losses and leadership challenges.
Southwest Airlines Shakes Up Board to Appease Activist Investor, Likely Avoids Proxy Fight
Southwest Airlines has announced a major overhaul of its board of directors following pressure from activist investor Elliott Investment Management, led by billionaire Paul Singer. Longtime chairman Gary Kelly will retire in 2025, and six board members will step down in November. Southwest plans to add four new independent directors, including up to three of Elliott’s preferred candidates. Elliott, which owns 10% of Southwest's stock, had demanded significant changes, including replacing Kelly and CEO Bob Jordan and conducting a comprehensive business review. The shakeup is seen as a substantial concession to avoid a costly proxy fight. Elliott expressed satisfaction with the changes, calling them "unprecedented." The board restructuring is expected to reduce tensions and foster cooperation between the airline and the activist investor, possibly formalized through a written agreement ahead of Southwest's upcoming investor day on September 26.
Vanguard’s Shareholder Democracy Experiment Shows Investors Prefer to Defer Voting
Vanguard recently launched a pilot program aimed at giving individual investors more control over corporate governance by allowing shareholders in select funds to vote directly on company proposals. Despite the initiative, nearly half of the participants opted to defer their voting back to Vanguard, indicating a high level of trust in the asset manager’s decision-making. The program, part of a broader response to political pressures surrounding environmental, social, and governance (ESG) issues, comes as asset managers like Vanguard, BlackRock, and State Street face increasing scrutiny over their influence on U.S. companies.
Participation in the program was notably low, with only 2% of the 2 million eligible investors choosing to engage. Among those who did participate, many chose to align their votes with Vanguard’s recommendations, signaling a preference for leaving such decisions to the professionals. While the program represents an effort to empower individual investors amidst growing criticism of asset managers' voting power, the data suggests that most investors remain comfortable with the stewardship of large firms like Vanguard, particularly when it comes to complex ESG issues. This aligns with the broader trend of investors favoring convenience and trusting asset managers to handle proxy voting on their behalf.
Activist Investor Cevian Capital Increases Stake in Baloise to 9.4%
Activist investor Cevian Capital has increased its stake in Swiss insurer Baloise Holding to 9.4%, becoming the company’s largest shareholder and significantly boosting its influence over the firm’s strategic direction. This rise from Cevian's previous 3.12% stake, disclosed earlier this year, underscores the investor's commitment to driving substantial changes at Baloise. Cevian, known for its high-profile campaigns at Swiss firms like ABB and UBS, is pressing Baloise to refocus on its strongest markets, particularly in Switzerland, and prioritize improving shareholder returns. The push for change comes after Baloise shareholders voted in April to remove a 2% cap on voting rights, enabling larger investors like Cevian to exert more control. Baloise’s stock has lagged behind its peers, underperforming the sector by 15% over the past two years, raising concerns about its performance outside its home market. Cevian’s campaign highlights its belief that there is significant untapped value in Baloise, and a strategic overhaul could unlock the company’s potential.
Voss Capital Pushes for Strategic Review and Potential Sale of International Money Express Amid Shareholder Discontent
Activist investor Voss Capital, holding a 5.64% stake in International Money Express (IMXI), is advocating for a strategic review and a possible sale of the company. Voss believes that IMXI, a money remittance services provider with a strong presence in Latin America and the Caribbean, is undervalued despite its solid operating performance and expanding market reach. Voss is joined by fellow investor Breach Inlet Capital, which recently sent a public letter urging the company to explore strategic alternatives. Both investors argue that IMXI's current valuation—trading at under five times adjusted EBITDA—fails to reflect its true potential, especially when compared to competitors like MoneyGram. Voss suggests that the company’s growth strategy would be better served under private ownership, where it could focus on long-term expansion without the short-term pressures of the public markets. The activist hedge fund has a history of successful engagements and is prepared to nominate directors if IMXI does not pursue the recommended changes. With IMXI's stock price down 5.3%, Voss may escalate its campaign if the company does not take steps to maximize shareholder value.
ExxonMobil Vows Continued Legal Action Against Activist Shareholders Over Proxy Process Misuse
ExxonMobil has pledged to maintain legal action against activist shareholders who it believes misuse the proxy proposal process. CEO Darren Woods, speaking at the Council of Institutional Investors in New York, defended the company's recent lawsuit against activist investment firms Arjuna Capital and Follow This, which urged Exxon to accelerate its emissions reduction plans. Although the lawsuit was dismissed, Woods described the proposals as "trojan horses" designed to undermine the company, asserting that they harm other investors. Despite criticism from institutional investors like CalPERS, Woods insisted that ExxonMobil was simply upholding established processes and warned that the company is prepared to take similar actions in the future if shareholder proposals are deemed harmful to the company’s interests.
Activist Investors Push Back on Corporate DEI Rollbacks Amid Conservative Pressure
Activist investors are mobilizing to reinstate diversity, equity, and inclusion (DEI) initiatives at companies like John Deere and Lowe's after conservative social media influencer Robby Starbuck successfully pressured several firms to scale back their DEI efforts. Starbuck's campaign, part of a broader conservative backlash against corporate diversity policies, has led companies to cut programs and withdraw from LGBTQ workplace rankings. In response, shareholder groups are exploring proxy proposals and litigation to reverse these rollbacks, arguing that companies risk damaging their brands and alienating key demographics by retreating from DEI commitments.
Seoul Rejects Elliott's $20 Million Claim Against Samsung C&T in Long-Running Dispute
The Seoul Central District Court has dismissed a $20.2 million compensation claim filed by Elliott Investment Management against Samsung C&T Corp., related to the controversial 2015 merger between Samsung C&T and Cheil Industries. Elliott, a former large shareholder in Samsung C&T, argued that it was unfairly compensated compared to other shareholders in the company's share buyback program following the merger. Although Elliott had received an additional 72.4 billion won ($54 million) in 2022 after a Supreme Court ruling, the activist fund claimed the compensation only covered a limited period and sought further payments. However, the court rejected Elliott's argument, marking the latest development in a legal saga that has also involved Samsung Group Chairman Jay Y. Lee, the South Korean government, and the National Pension Service. Elliott is also pursuing compensation through international arbitration, but South Korea's justice ministry is challenging the tribunal's partial ruling in Elliott's favor.
KCGI Secures Controlling Stake in Hanyang Securities for $166 Million
South Korean private equity firm KCGI, led by activist shareholder Kang Sung-boo, has acquired a 29.59% controlling stake in Hanyang Securities for 220.3 billion won ($166 million), marking a significant step into the brokerage sector. After initially offering a higher bid, KCGI reduced its price by 10% to 58,500 won per share to close the deal, following weeks of difficulty in securing investors. OK Financial Group backed the acquisition, contributing 120 billion won, while KCGI financed the remainder through Meritz Capital. The acquisition will undergo regulatory scrutiny, and it positions both KCGI and OK Financial Group as emerging players in the broader financial services industry.
SKF to Spin Off Automotive Division After Pressure from Activist Investor Cevian
Swedish bearings manufacturer SKF announced plans to spin off its automotive business after pressure from Cevian Capital, Europe’s largest activist investor. This strategic move, which will separate its less profitable automotive unit from its higher-margin industrial division, caused SKF’s shares to surge by 10%. Cevian, holding an 8% stake in SKF, believes the spin-off will unlock significant value for both businesses and lead to increased profitability. The break-up follows a growing trend among industrial companies like General Electric and Maersk to streamline operations. SKF plans to distribute shares of the automotive unit to existing shareholders, with the separation expected to be finalized in 2026.
Former Moelis and Barclays Bankers Join Jasper Street Partners to Boost Activism Defense Practice
Two Wall Street bankers, Duncan Herrington and Peter da Silva Vint, have joined Jasper Street Partners to help build the firm's activism defense practice. Both having previously worked at Moelis and Barclays, Herrington and da Silva Vint will serve as managing partners at Jasper Street, joining the firm's founders, who are former Vanguard executives. Jasper Street, originally started as Sustainable Governance Partners in 2020, aims to offer comprehensive services to companies facing activist investors and public pressure campaigns. With activism on the rise in 2024, including high-profile cases at Southwest Airlines and Disney, the firm will provide year-round support to clients in navigating proxy contests and addressing vulnerabilities. Jasper Street aims to compete with major banks and independent firms in the growing field of activism defense.
Key Takeaways from September’s Activist Campaigns
In summary, here are the key themes from September.
Strategic Reviews and Potential Sales:
Voss Capital Advocates for Strategic Review at International Money Express: Voss Capital is pushing for a potential sale and strategic review due to IMXI's undervaluation and growth potential, despite solid operating performance.
Irenic Capital Pressures Kinaxis and Reservoir Media: Irenic Capital is urging both companies to explore strategic alternatives, including full sales, to maximize shareholder value and address operational inefficiencies.
AJ Investments Rallies Support for Ubisoft Sale: After a steep decline in Ubisoft’s stock, AJ Investments garnered 10% shareholder backing to push for the company's sale or privatization.
Board Changes and Leadership Accountability:
Masimo's Board Overhaul Following Proxy Fight: Politan Capital gained control of Masimo’s board, ousting longtime chairman Joe Kiani and signaling a shift in the company’s strategic direction.
Southwest Airlines Restructures Board to Avoid Proxy Fight: Southwest Airlines announced major board changes, including the retirement of its chairman, to appease Elliott Investment Management and avoid a costly proxy battle.
Engine Capital Pushes for Upwork Board Shakeup: Amid stock struggles, Engine Capital is advocating for leadership changes and a strategic overhaul at Upwork, calling out the board's lack of relevant industry experience.
Proxy Battles and Legal Disputes:
ExxonMobil Continues Legal Fight Against Activist Shareholders: ExxonMobil vows to pursue legal action against activist shareholders who misuse the proxy process, aiming to protect the company's strategic direction.
Elliott’s Lawsuit Against Samsung Rejected: A South Korean court dismissed Elliott Investment Management's $20 million claim related to a 2015 merger, marking a significant loss in Elliott's ongoing legal battle.
High-Profile Investor Activity:
Cevian Capital Expands Stake in Baloise: Cevian Capital increased its stake in Swiss insurer Baloise to 9.4%, seeking a strategic shift to refocus the company on its core markets and drive better returns for shareholders.
KCGI Acquires Majority Stake in Hanyang Securities: KCGI secured a controlling stake in Hanyang Securities, marking a major move into the financial sector with support from OK Financial Group.
Corporate Governance Focus:
Vanguard's Proxy Voting Experiment: Vanguard’s pilot program empowering individual investors to vote on corporate proposals saw limited engagement, with most investors deferring voting decisions back to Vanguard, reflecting trust in the asset manager’s governance.
Nike Faces Shareholder Pressure on ESG Commitments: Activists continued to press Nike to enhance transparency and action on climate change, labor rights, and gender equity, despite challenges in getting shareholder proposals passed.
Global Activism and DEI Backlash:
Cevian Capital Targets European Companies for Strategic Shifts: Cevian's activism extends to companies like Baloise and SKF, pushing for spin-offs and operational refocusing to unlock shareholder value.
DEI Rollbacks Prompt Shareholder Pushback: Companies like John Deere and Lowe's faced shareholder backlash for scaling back diversity initiatives after pressure from conservative groups, with activists exploring litigation and proxy proposals to reinstate DEI commitments.
In September, activist investors increased pressure on corporate strategy and governance, pushing for overhauls, sales of undervalued companies, and board changes across sectors like tech, financial services, and consumer goods. Amid ongoing debates on ESG and shareholder influence, activist hedge funds continued to gain control and drive significant strategic shifts, as seen in campaigns at Upwork, Masimo, and other major companies.
Stay Tuned for Upcoming Updates on Activist Campaigns and Trends!
That wraps up this edition of Knowledge+. We hope you found the insights and analysis both informative and engaging. As always, the highlights we’ve shared today represent just a glimpse of the vast data and performance metrics available in our Activist Alpha database.
We’re also thrilled to share that in the coming months, we’ll be unveiling a new project that will take our analysis to the next level. Stay tuned for more updates, and if you’d like to explore our database further, don’t hesitate to reach out.
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