1. Articles from BLOOMBERG NEWS

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    1. Catalyst Offers to Buy Hudson’s Bay Shares to Block Takeover Bid

      Catalyst Offers to Buy Hudson’s Bay Shares to Block Takeover Bid

      Private equity firm Catalyst Capital Group Inc. is offering to purchase up to $150 million (US$114 million) worth of shares of Hudson’s Bay Co. ( HBC.TO ) as it builds a stake in the Canadian retailer in an effort to thwart a proposed takeover of the company. The Toronto-based firm said in a statement Monday it was was prepared to pay $10.11 per share in cash for up to roughly 14.8 million common shares...

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    2. Deutsche Bank Executives Who Won and Lost in the Big Shakeup

      Deutsche Bank Executives Who Won and Lost in the Big Shakeup

      (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Christian Sewing says he wants a real team to manage the company rather than a collection of individuals. And the roster is changing fast. Since taking over in a bitter boardroom fight just over a year ago, Sewing has moved to surround himself with executives that he’s worked closely with during his almost 30-year career while showing others the door...

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      Mentions: Deutsche Bankl
    3. Jana Partners Is Said to Have Built Stake in Axalta Coating

      Jana Partners Is Said to Have Built Stake in Axalta Coating

      (Bloomberg) -- Activist investor Jana Partners has built a position Axalta Coating Systems Ltd., the car paint maker that announced a strategic review, according to people familiar with the matter. The New York-based hedge fund run by Barry Rosenstein invested in recent months and has been pushing the company to explore alternatives, said the people, who asked not to be identified because the matter was private. The exact size of its stake couldn’t be learned...

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    4. Chairman’s Bid for Hudson’s Bay ‘Woefully Inadequate,’ Litt Says

      Chairman’s Bid for Hudson’s Bay ‘Woefully Inadequate,’ Litt Says

      (Bloomberg) -- Activist investor Land & Buildings Investment Management has often pushed for change at struggling Hudson’s Bay Co. But not just any change will do -- especially not the chairman’s “woefully inadequate offer” to take the retailer private. The New York hedge fund, run by Jonathan Litt, came out swinging Tuesday against the C$9.45-a-share bid announced last week by Richard Baker and other investors for the remaining stock of Hudson’s Bay...

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    5. Calpers Diversity Push Blends Social-Investing Camps

      Calpers Diversity Push Blends Social-Investing Camps

      (Bloomberg Opinion) -- The California Public Employees’ Retirement System is after the new holy grail of investing: Doing well by doing good. Calpers, the largest U.S. pension fund with roughly $360 billion in assets, sponsored a proposal at casino operator Red Rock Resorts Inc.’s annual meeting last week requiring that board nominees running unopposed receive approval from a majority of shareholders...

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    6. Bill Ackman misses the mark with Raytheon deal critique -

      Bill Ackman misses the mark with Raytheon deal critique -

      Bill Ackman’s critique of United Technologies Corp.’s planned merger with Raytheon Co. cries out for a critique of its own. The activist investor sent an e-mail to United Technologies CEO Greg Hayes over the weekend expressing concern about reports that the company was nearing a deal with missile-maker Raytheon. “We cannot comprehend the strategic logic,” Ackman wrote of the merger, which was announced late Sunday as an all-stock, no premium transaction.

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    7. Activist Investor Crystal Amber Seeks to Oust Allied Minds Board - Bnn

      Activist Investor Crystal Amber Seeks to Oust Allied Minds Board - Bnn

      (Bloomberg) -- Crystal Amber Fund Ltd., the U.K. activist investor run by Richard Bernstein, is seeking to replace the board of technology incubator Allied Minds Plc after management rebuffed an attempt to discuss the company’s strategy. Crystal Amber, which has criticized Allied Minds’s executive compensation, is considering calling a shareholder meeting to oust the company’s current directors, Bernstein said in a phone interview Wednesday.

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    8. Ackman Threatens Fight Over United Technologies-Raytheon Deal

      Ackman Threatens Fight Over United Technologies-Raytheon Deal

      (Bloomberg) -- Bill Ackman urged United Technologies Corp. to call off its proposed takeover of Raytheon Co., vowing to oppose a deal he assailed as lacking strategic sense. The transaction will crimp United Technologies’ aerospace business and be funded by a “highly dilutive” share issuance at a time when the stock is already trading at a discount, the activist investor said in a message early on June 9 after reports of a potential deal...

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    9. Carl Icahn Challenges Occidental's ‘Hugely Overpriced’ Anadarko Deal

      Carl Icahn Challenges Occidental's ‘Hugely Overpriced’ Anadarko Deal

      (Bloomberg) -- Billionaire activist investor Carl Icahn is challenging Occidental Petroleum Corp.’s $38 billion takeover of Anadarko Petroleum Corp., calling the transaction “fundamentally misguided and hugely overpriced” in a lawsuit that seeks corporate records related to the deal. Ichan holds more than $1.6 billion of Occidental stock, according to the suit filed in a Delaware court Thursday...

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    10. Exxon Investors Move Closer to Upending Dual CEO-Chairman Role

      Exxon Investors Move Closer to Upending Dual CEO-Chairman Role

      Exxon Mobil Corp. ( XOM.N ) beat back mounting pressure to split the chairman and chief executive positions, and dismantle a structure that dates back decades and has seen the explorer through oil embargoes, war, currency crises and nationalizations. A total of 40.8 per cent of shareholders voted Wednesday for the proposal, an increase from last year’s 38.7 per cent but short of the simple majority required for it to pass at Exxon’s annual general meeting in Dallas...

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    11. Old Mutual CEO in No Mood to Go Quietly in Boardroom Dispute -

      Old Mutual CEO in No Mood to Go Quietly in Boardroom Dispute -

      (Bloomberg) -- Old Mutual Ltd. has embarked on a transition unlike any in its 174-year history. Suspended by the board for conflicts of interest involving his investment firm NMT Capital, Chief Executive Officer Peter Moyo signaled he had no intention of going quietly. The 56-year-old South African insists he’s done nothing wrong and his links with NMT are above board. He is demanding a “complete” payout deal before he even considers accepting an exit offer, he said by phone on Friday...

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    12. Activist Investors Get More Backing for Change at PDC Energy

      Activist Investors Get More Backing for Change at PDC Energy

      (Bloomberg) -- The push for change at oil and gas producer PDC Energy Inc. has won the support of another activist investor, who plans to vote in favor of Kimmeridge Energy Management’s three nominees for the board. Lion Point Capital, which owns a 2.3% stake in PDC Energy, believes the company requires changes at the board level to improve its performance...

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    13. Acreage Shareholder Supports Canopy Deal Amid Opposition

      Acreage Shareholder Supports Canopy Deal Amid Opposition

      (Bloomberg) -- One of Acreage Holdings Inc.’s earliest shareholders has come out in favor of its sale to Canopy Growth Corp. as the target company’s shares languish well below the offer price. Cresco Capital Partners LLC, which has owned Acreage since 2015, said the New York-based cannabis firm’s association with Canopy will give it a capital boost even before the closing of the deal, which is contingent on U.S. legalization...

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    14. Texas Land Bank Proxy Fight Turns Ugly as Dissident Nominee Sued

      Texas Land Bank Proxy Fight Turns Ugly as Dissident Nominee Sued

      (Bloomberg) -- Texas Pacific Land Trust postponed a special shareholders meeting and sued the activist investor vying for a trustee job, the latest twist in an increasingly acrimonious proxy fight. The meeting, previously scheduled for June 6, has been called off until further notice to give investors "the opportunity to cast a fully informed vote,’’ Trustee David E. Barry said Tuesday in a statement...

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    15. Wall Street Pay Proposal Being Negotiated by SEC, Bank Regulator

      Wall Street Pay Proposal Being Negotiated by SEC, Bank Regulator

      (Bloomberg) -- The latest effort to impose restrictions on Wall Street bonuses is advancing as key regulators review a draft of new limits, according to Joseph Otting, head of the Office of the Comptroller of the Currency. Otting told members of the House Financial Services Committee at a Thursday hearing that a proposal written by his agency has been shared with the Securities and Exchange Commission...

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    16. Allianz Wins Shareholder Backing for Changes to Executive Pay

      Allianz Wins Shareholder Backing for Changes to Executive Pay

      (Bloomberg) -- Allianz SE won shareholder approval for its new policy on management-board pay, avoiding the sort of investor backlash seen at some European firms in recent years. The German insurer proposed increasing the importance of fixed salary and long-term incentives in its first changes to remuneration policy since 2010. The plan passed easily at the firm’s annual general meeting on Wednesday with 92% of the votes cast...

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    17. Deutsche Bank Execs Under Fire After Shareholder Adviser Reports

      Deutsche Bank Execs Under Fire After Shareholder Adviser Reports

      (Bloomberg) -- Deutsche Bank AG’s next challenge after the breakdown of merger talks with Commerzbank AG may be its own angry shareholders. ISS and Glass Lewis -- the world’s biggest shareholder advisory firms -- are recommending investors vote against backing Deutsche Bank’s management and supervisory board at its annual general meeting on May 23. The firms pointed to the shares, which lost about 40 percent over the past year, as well as the bank’s continued legal and business challenges...

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    18. Papa John's Sales Fall Less Than Expected Under New Chairman

      Papa John's Sales Fall Less Than Expected Under New Chairman

      Papa John’s International Inc.’s (PZZA.O) sales topped analyst estimates, indicating the pizza seller is getting its mojo back under new management. Comparable sales in North America fell 6.9 per cent last quarter, beating projections for a 7.3-per-cent fall and slowing the recent pace of declines. The results are the first under new chairman Jeffrey Smith. The chain is pushing to bolster its advertising, and in March brought in a new global marketing head from Subway Restaurants...

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    19. Asia's Longest-Serving Directors Can Be Found in the Philippines

      Asia's Longest-Serving Directors Can Be Found in the Philippines

      (Bloomberg) -- Family-led enterprises are common across Asia yet the Philippines takes such control to the extreme. Philippine companies have the region’s oldest directors and the longest board tenures as owners and their trusted advisers keep tight hold on the reins of banking, property and retail giants. This has implications in the region’s push for greater board diversity...

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    20. Investor Revolt at Bayer to Escalate After CEO Keeps His Job

      Investor Revolt at Bayer to Escalate After CEO Keeps His Job

      (Bloomberg) -- The shareholder rebellion at Bayer AG is poised to worsen after its supervisory board ignored an unprecedented no-confidence vote against the leadership of Chief Executive Officer Werner Baumann. Several top investors of the German chemicals and drugs giant are frustrated with directors’ decision to back Baumann and his strategy that led to the $63 billion takeover of Monsanto, according to people familiar with the matter...

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    21. Norwegian Oil Giant Bends to Investor Pressure on Climate

      Norwegian Oil Giant Bends to Investor Pressure on Climate

      (Bloomberg) -- Equinor ASA is the latest large oil company to bow to a major investor group that is pushing corporations to take more robust action on climate change. The Norwegian state oil giant has agreed to align its business model with the goals of the 2015 Paris climate accord, and will review its corporate lobbying policy and the carbon intensity of its products, the company said in a statement. It will also link executive pay to climate-related targets...

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    22. Bed Bath & Beyond Spruces Up Its Board But Needs an Overhaul

      Bed Bath & Beyond Spruces Up Its Board But Needs an Overhaul

      (Bloomberg Opinion) -- In the face of pressure from an activist investor coalition, Bed Bath & Beyond announced a bit of spring cleaning on Monday. The retailer said five of its board members would depart, including the chain’s co-founders, Warren Eisenberg and Leonard Feinstein. Five new directors have been appointed to replace them, and board member Patrick Gaston has been named independent chairman...

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      Mentions: Opinion Amazon CFO
    23. Barclays Hits Back at Activist’s ‘Misleading’ Criticisms

      Barclays Hits Back at Activist’s ‘Misleading’ Criticisms

      (Bloomberg) -- Barclays Plc escalated its war of words with the activist shareholder who is seeking radical changes to the lender’s existing strategy, saying his plans to cut back the investment bank are “unclear and based on multiple factual errors.” The British bank said it strongly opposes Edward Bramson’s appointment to its board, according to a statement on Thursday...

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    24. TransAlta Board Nominees Win Glass Lewis Support Amid Proxy Threat

      TransAlta Board Nominees Win Glass Lewis Support Amid Proxy Threat

      TransAlta Corp. won support for its board nominees from a prominent shareholder advisory firm that noted two activist investors threatening a proxy fight haven’t filed the paperwork with regulators for their own candidates. Glass Lewis & Co. said it believed there was no substantial issue with any of the Alberta utility’s 12 nominees, including two affiliated with Brookfield Asset Management Inc., related to the asset manager’s $750 million TransAlta investment announced last month...

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