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.
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?
@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]
Follow up to yesterday’s precog [full paywall]
Activism in steel [full paywall]