Glenview Capital joins Carl Icahn as a Manitowoc ($MTW) activist

Larry Robbins ready to Big Mac $MTW

Larry Robbins ready to Big Mac $MTW

Larry Robbins’ Glenview Capital added 1mm shares to his stake and has gone active on Manitowoc ($MTW), with a 7.1% stake. He took a 6.3% passive stake in March. He’s latest round of buying was done between $19.55 and $19.75.

Recall that Carl Icahn took over the activism push to get the company to split up, taking a 7.8% stake in the company last year. He got the win, with the company planning to split. he also was given a board seat on both the crane and foodservice companies' boards. But Icahn also got Manitowoc to agree to lax corporate governance laws for the foodservice spinoff. This includes no staggered board, the ability to call a special meeting by a major shareholder and no supermajority provisions. Basically, this makes the company an “easier” buyout target after the split. The spinoff is expected to happen in 1Q16.

Robbins’ has been on a healthcare kick over the last couple years, recently pushing his Abbvie stake hard. This is only his third 13D and the first one that’s non-healthcare related.

An interesting note - Robbins has been vocal about McDonald’s and an avid supporter there - is he angling a for a Manitowoc foodservice business buyout by McDonald’s?

This is a small position for both Robbins and Icahn. It’s just outside the top 35 for Robbins’ Glenview Capital and the 17th largest (pro forma) holding of Icahn’s. Also of note, Manitowoc shares are off 15% since Icahn went active.