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Daily Activism June 4: Bill Ackman crushes, period

Activist adventurers, another big day today with activist-related stories and news for June 3 - as usual the free newsletter is on a 24-hour delay; Activist Strategy subscribers get it on publication day. Tip us off at @activiststocks, daily newsletter sign up is here and check here are the past newsletters.


  • Trian Partners will be taking its stake in Wendy’s down from 24.6% to between 17% and 19.7% over the next three months [link]

  • Two activists, Ronald Chez and Sabra Capital, have decided to work together against Cinedigm - they’ll see board representation - things are getting interesting [link]

  • Armistice Capital sends another letter to Spectrum Pharmaceuticals [link]

  • Cannell Capital put out its 2nd presentation on TeleCommunication Systems [link]

  • ISS is backing Bulldog Investors at Hill International [link]


@valuewalk covers Bill Ackman’s Pershing Square Capital’s new holding, a 21.7% stake in Nomad Holdings. It’s a Europe's fragmented frozen foods play. Recall that Ackman talked about Nomad at May’s Sohn Conference, “He noted that Franklin [Nomad cofounder] is focused on value-creating acquisition and capital allocation strategy. According to Ackman, Franklin maintains high standards for quality and valuation of acquired businesses, focuses on the shareholder value creation, and uses debt and equity to finance acquisitions intelligently [link]