1. Articles in category: BoardNews

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    1. Banning Buybacks Would Backfire and Lead to More Companies Going Private - Canaccord

      Banning Buybacks Would Backfire and Lead to More Companies Going Private - Canaccord

      If Congress limits the ability of companies to buy back shares, it would backfire and likely result in more companies taking themselves private through leveraged buyouts, a Wall Street research firm said. "Going private is essentially a 100 percent buyback," said Brian Reynolds, asset class strategist at Canaccord Genuity. He adds that CEOs are motivated to increase their companies' stock price...

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      Mentions: SEC crisis risk
    2. Only Half of PG&E's Board to Remain After Bankruptcy Filing

      Only Half of PG&E's Board to Remain After Bankruptcy Filing

      (Bloomberg) -- PG&E Corp., which filed for bankruptcy last month, announced a boardroom shakeup that would bring back at most half of the current board members. No more than five of the utility owner’s 10 current board members will stand for re-election at its upcoming shareholders meeting, according to a statement Monday. The company wants mostly independent directors, and the new board will have 11 of them, it said.,..

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    3. Daniel Loeb's Third Point exits Alibaba, Microsoft, and Netflix

      Daniel Loeb's Third Point exits Alibaba, Microsoft, and Netflix

      Activist investor Daniel S. Loeb's hedge fund $17 billion Third Point LLC exited its positions in Alibaba ( BABA ), Microsoft ( MSFT ), and Netflix ( NFLX ) during the fourth quarter, according to the fund's latest 13-f filing . During the quarter, Third Point sold its 1.25 million shares of Netflix, 4.1 million shares of Microsoft, and 4.045 million shares of Chinese e-commerce giant Alibaba, the filing shows...

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    4. Bank of America Boosts CEO Brian Moynihan's Pay 15% to $26.5 Million After Record Profit Last Year

      Bank of America Boosts CEO Brian Moynihan's Pay 15% to $26.5 Million After Record Profit Last Year

      Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year.

      Moynihan's compensation rose to $26.5 million from $23 million in 2017, according to a regulatory filing Friday. That includes a $1.5 million salary and $25 million in stock units, some of which are performance-based...

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    5. Activist Funds Turn Attention to Banks as New Merger Wave Sets Up

      Activist Funds Turn Attention to Banks as New Merger Wave Sets Up

      Activists are circling the U.S. banking industry as lenders struggle to distinguish themselves amid increased competition. More Activist investors are turning their attention to the U.S. banking industry, which many see as ripe for a new merger wave as lenders struggle to distinguish themselves amid intensifying competition...

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    6. Activist Fund Elliott Keeps up Pressure on Drinks Group Pernod

      Activist Fund Elliott Keeps up Pressure on Drinks Group Pernod

      (Reuters) - Activist investor Elliott kept up the pressure on French spirits group Pernod Ricard, welcoming this week's first-half results but calling for boardroom changes and better margins. Elliott, which has built a stake of just over 2.5 percent in Pernod Ricard, has called on the family-backed group to raise profit margins to bring them more into line with British rival Diageo...

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    7. Breaking News: BB&T and SunTrust are Joining Forces in a $66 Billion Deal That'll Create the US's 6th Largest Bank

      Breaking News:  BB&T and SunTrust are Joining Forces in a $66 Billion Deal That'll Create the US's 6th Largest Bank

      SunTrust Banks and BB&T have agreed to a $66 billion merger that will create the sixth-largest US bank.

      The deal pays SunTrust shareholders 1.295 BB&T shares for each SunTrust share they own, according to a joint statement released Thursday morning. BB& T shareholders will own about 57% of the combined company...

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      Mentions: Merger Bloomberg Bank
    8. Norway Wealth Fund Steps Up Voting Against CEO Pay Packages

      Norway Wealth Fund Steps Up Voting Against CEO Pay Packages

      (Bloomberg) -- Norway’s $1 trillion wealth fund, the biggest of its kind, increased its votes against executive pay packages last year and said it engaged with companies in the auto sector on the use of cobalt. The fund had close to 1,500 “dialogues” with companies last year, but also divested 30 companies due to governance risks. It voted against 7.2 percent of resolutions on executive remuneration, up from 6.9 percent in 2017...

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    9. Dan Loeb Cuts DowDuPont Target as ‘Value Gap’ Lingers Into Split

      Dan Loeb Cuts DowDuPont Target as ‘Value Gap’ Lingers Into Split

      (Bloomberg) -- Activist investor Dan Loeb is trimming his expectations for DowDuPont Inc. just as the chemical giant prepares to break itself into three companies. Last May, Loeb’s Third Point hedge fund said in a letter to investors that the pending split could propel DowDuPont to $92 a share, closing a “value gap” of almost 50 percent. Instead, the shares lost value, and a cooling global economy has tempered Loeb’s view...

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    10. Nordea Slammed by Activist Investor for Poor Results

      Nordea Slammed by Activist Investor for Poor Results

      (Bloomberg) -- The chief executive officer of Nordea Bank Abp, Casper von Koskull, defended management’s efforts to cut costs and improve revenue amid a dressing-down from an activist investor who criticized the lack of profit growth. Net income for the quarter came in about 5 percent below market expectations, though the bank’s net interest income was slightly better than analysts had anticipated. For Christer Gardell, co-founder of Cevian Capital, the result wasn’t good enough...

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      Mentions: stake Bloomberg Bank
    11. Yelp Hires Evercore to Defend Against Activist Push

      Yelp Hires Evercore to Defend Against Activist Push

      Yelp ( YELP +0.4% ) has hired Evercore to defend against a push by activist shareholder SQN , which has urged a look at strategic alternatives including a potential sale, CNBC reports. SQN said last month that implementing its recommendations could result in a stock price of $55-$65, and an immediate sale to private equity would draw $47-$50/share, or higher with strategic bidders. The shares were at $35.66 then, and are at $37.53 now...

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    12. David Tepper’s Appaloosa Hedge Fund just Slammed the Leadership of $50 Billion Drugmaker Allergan, and is Calling for Change

      David Tepper’s Appaloosa Hedge Fund just Slammed the Leadership of $50 Billion Drugmaker Allergan, and is Calling for Change
      • Billionaire David Tepper's Appaloosa LP made a strongly-worded call for change to drugmaker Allergan's board leadership structure on Tuesday.
      • Appaloosa wants Allergan's board to separate the role of chairman and CEO, which today are both held by Allergan's Brent Saunders.
      • In a Tuesday letter, Appaloosa slammed Allergan's executive decision-making, "the record for which has been fraught with ill-considered initiatives and self-inflicted wounds for several years now."..
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    13. Activist Investor Bramson Makes Bid for Barclays Board Seat

      Activist Investor Bramson Makes Bid for Barclays Board Seat

      LONDON (Reuters) - Activist investor Edward Bramson has submitted an application to join the board at Barclays, the British bank in which his fund vehicle Sherborne Investors holds a 5.1 percent stake. Sherborne invested in the lender in March 2018 with a view to making changes in its strategy and improving shareholder returns. Investors will vote at the bank's annual general meeting on May 2 on the proposal...

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