We sent a detailed version to Activist Strategy subs last week, but Glenview Capital went active on Manitowoc a couple weeks back. Icahn got Manitowoc to split its crane and foodservice equipment businesses.
This is Glenview’s first non-healthcare company activist target and first in a couple years. What's his plan here?
Icahn got some corporate governance wins at Manitiwoc, with the newly independent foodservice having lax policies, including no staggered board, the ability for major shareholders to call a special meeting, and no supermajority provisions.
Even with Icahn’s successful campaign, he hasn’t had much success in generating a positive return in the stock. The news of the spin is being overshadowed by disappointing earnings and diminished forecasts.
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