Investment idea generation.


Our thoughts.

FrontFour Letter On ILG And Marriott Vacations Merger

Our conservative analysis below assumes total cost synergies of $150 million, no revenue synergies, assumes only $100mm of synergies included in the leverage calculation and excludes non-recourse securitized debt, a 6% cost of debt financing, $60 million in cash transaction expenses and is derived using current 2018 consensus street estimates for revenue and EBITDA.  As shown in the table below, and assuming the midpoint of the offer range and leverage range, and further taking into account our conservative assumptions as discussed above, a transaction is nearly 20% accretive to Marriott Vacations shareholders based on current 2018 EPS estimates. 

Land and Buildings Letter To Taubman Centers

We believe that Taubman Centers, under the leadership of CEO and Chairman Bobby Taubman has been misleading the investment community for years and is now at it again, trying to buy more time in an attempt to reverse the inferior total shareholder returns, poor operating results and bad capital allocation decisions at Taubman Centers over the past 5, 3 and 1-year periods.1 We urge shareholders not to be misled and to help put the Company back on track towards profitability by electing Land and Buildings’ highly-qualified nominees at the upcoming annual meeting. It is time for change at Taubman Centers. Consider the following highlights of the Company’s abysmal track record under the leadership of Bobby Taubman and supervision of Lead Director Myron Ullman:

Tourbillon Capital Letter to Spectrum Brands

Tourbillon Capital Partners, L.P. (together with its affiliates, “Tourbillon” or “we”) is a substantial long-term shareholder of Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”) and a former substantial multi-year shareholder of HRG Group, Inc. (“HRG”). We wanted to share our thoughts with respect to the potential downstream merger of HRG into Spectrum (or a similar transaction) following HRG’s sale of Fidelity & Guaranty Life (“FGL”)1 which, based on public statements by Spectrum, we believe is anticipated by the market.