Investment idea generation.


Our thoughts.

Activist Stocks: Wolf pack banding together against the SEC

Activist foe, relatively light day today, with activist related news and stories for June 8 below - as usual the free newsletter is on a 24-hour delay; Activist Strategy subscribers get it on publication day [you can get a 2-week free trial here]. Tip us off at @activiststocks and here’s the free daily newsletter sign up. In other news - we are rolling out a new Activist Strategy feature, which will be a catalyst tracker / watchlist. Here’s a quick look at what that’ll look like -


  • FrontFour Capital notes that it won’t be putting its board nominee on the OM Group board given the $34 buyout offer from Apollo. Recall that not everyone is happy, notably SpringOwl and Cove Street Capital, with the pending buyout, both coming out against it.

  • Sardar Biglari is looking to tender up to 28% of Biglari Holdings in an effort to wrangle more control of the company. If successful, they’ll be no worries of a proxy battle next year, with Sardar becoming de facto king marker of Biglari. Big question is; what will Gamco do with his near 10% stake [link]

  • Recall that Vertex Capital is taking to task GSI Technology, highlights here

  • Cannell Capital, who’s famously targeting Jim Cramer's TheStreet, puts out a short thesis on Erin Energy [link]


  • @ldelevingne over at CNBC notes that many activist hedge funds aren’t worried about the SEC investigation that came to light last week. Of note, “Hedge fund managers likely don't have to tell their clients of an initial government letter requesting information” [link]

  • CFO Journal does a Q&A on how activism is impacting CFO searches. Key takeaway, “A candidate’s experience with shareholder activism is rarely an explicit part of the criteria for a CFO search, but there is more attention being paid to evaluating a candidate’s IR experience these days” [link]

What we’ve been working on-

  • Hedge funds in Macy’s? [link]

  • Weekender edition on how activism isn’t win or lose [complete paywall Activist Strategy subs]

  • Activism in the rental space - not what you think [complete paywall]

  • A shareholder consortium takes on a small-cap, gets a win with more upside left [complete paywall]