Daily Activist Investing May 12: DuPont's story, beyond the stock price
Armistice Capital has gone active on Spectrum Pharma with a 5.4% stake [letter here]
Elliott Management is now active at CDK owning 4% of the company and has exposure to another 3.6% via a derivatives agreement. The fund joins Sachem Head and Fir Tree, who are both activists there.
Jana Partners has sold all of its Ashland stake. The fund went active in April of 2013, with shares up 60% since then. Jana had owned 8.7% of the company, but the position wasn’t one of its top 5.
Maguire Asset Management and its shareholders for change group has upped its stake in iPass by over 15%, now owning 9% of the company. They’re pushing the company to better define their WiFi strategy to regain investor confidence.
Blue Clay Capital abandoned its proxy battle versus Select Comfort today, following the news from yesterday that ISS and Glass Lewis were opposing the activist’s dissident director candidates.
Getting tougher and tougher to find compelling stories, so again today, it’s all about DuPont. @stephengandel at Fortune defends Ellen Kullman in a piece that goes beyond DuPont’s stock price to look at Kullman’s ability to generate returns on invested capital. It’s a thought-provoking piece and worth a read if you don’t understand DuPont’s business [link]