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Today in Activism: Featuring Community Bank Activism

Activist watchers - decent Tuesday. News and stories for June 16 below - as usual the free newsletter is on a 24-hour delay; Activist Strategy subscribers get it on publication day - but you can get on that 2-week free trial here or below. As usual, tip us off at @activiststocks and get on the free daily newsletter sign up.

News-

  • hhgregg CEO has gone activist on his own company [link]

  • Becker Drapkin cuts its stake in XO Group by about half, now owning 3.6%. Shares are up about 60% since it went active in 2Q14.

  • Under Armour CEO sells about a million shares, still owns 16.6% of Under Armour.

  • Relational Investors dumps 10% of its Magnum Hunter Resources stake - still owns 13.2% of the company. Magnum Hunter shares are down 82% since Relational went active in 2Q14.

  • Barington Capital targets DHI Group, pushing for a sale [link to letter]

  • Accretive Capital sends letter to MCG Capital about becoming their investment adviser [link to letter]

  • ValueAct files its amended 13D on Valeant Pharmaceuticals showing it now has a 4.4% stake in the company. New pro forma portfolio looks something like the below; next question becomes what does Jeff Ubben target now?

Stories-

  • @oddballstocks has a piece on the Indiana bank West End Indiana Bankshares that has a “slate” of activists investors - noting “Activist bank investors own 38.02% of the bank compared to the 11.46% that the Directors and Executives own.” Also of note, “Often activist bank investors are attracted to banks that are easy to sell. These activists will push for a sale and investors will realize a nice gain” [link

What we’ve been working on-

  • Figuring out what Elliott Associates is really doing at Citrix [full paywall]

  • The OM Group saga continues [full paywall]

  • Jet Capital’s pressure on SunCoke [link]

  • Microcap activist featuring Casey Capital [partial paywall, link] and Maguire [partial paywall, link]

  • Follow up to yesterday’s precog [full paywall]

  • Activism in steel [full paywall]