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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.

Activist Investing White Papers

We recently asserted that Carl Icahn failed to win other shareholders to his eBay project because he did not publish a comprehensive analysis supporting his PayPal spinoff idea. 

 

And, frequently investors ask us for advice about these analyses for one or another portfolio company. We certainly have read our share of white papers, too. 

 

So, we thought it would help to set forth some thoughts about activist investing white papers. We do so in a current blog post.

You can find other useful resources at the TAI website, including our research on "Effective Activism, on the Cheap", our white paper with the basics on activist investing, and our new guides on exempt solicitationconsent solicitation, and special shareholder meetings. 
For further information, or to discuss a specific turnaround situation, please contact:
 
Michael R. Levin
[email protected]
847.830.1479