Earlier (below) we discoursed about the white papers that activist investors like to write about the portfolio companies that they target. A few PMs inquired whether an archive exists of recent white papers.
Now it does. We looked back at the last couple of years' worth of activist situations, and found almost sixty white papers. Incidentally, most are PowerPoint presentation documents, rather than conventional white paper-type manifestos.
These range from huge, messy situations like Pershing Square's analysis of Allergan, to several small cap ones. They mostly cover conventional proxy contests for a BoD. A small number represent the investor's presentation to ISS or Glass Lewis. We also found some interesting corporate situations, such as Southeastern's project to head off the Dell Computer privatization and the P. Schoenfeld case against the T-Mobile and MetroPCS deal.
Carl Icahn and Starboard Capital have the most, with six and five, respectively, although a couple of each of theirs represent updates of earlier ones.
We found examples of white papers from some other notable activist investors:
- Casablanca Capital
- Clinton Group
- Corvex Management
- Elliot Associates
- Engaged Capital
- Lone Star Value Management
- Third Point
Please let us know if you have white papers worth including.
And, let us know if you'd like to see the entire list of what we found, it's too big to include in an email message.
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