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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:46 AM
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A new activist hedge fund started by two former J.P. Morgan deal makers has taken a stake in CIT Group and wants the lender to break up.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:46 AM
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Corning’s CEO reminds us that big corporate achievements rarely come overnight. A McKinsey Quarterly article.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:45 AM
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The activist investor targetingNorthStar Asset Management Group has nominated six directors tothe company's board, according to a letter reviewed by Reuters,in a move that could prompt a proxy fight if the two sides failto reach an agreement.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:45 AM
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It’s a familiar story in M&A transactions. A merger is announced and, within days, the plaintiffs’ bar scrambles to file suits on behalf of the selling company’s stockholders, alleging that the seller’s board agreed to an inadequate price and made misleading disclosures about the deal. After going through “the motions”—the plaintiffs file a motion for preliminary injunction and the defendants produce certain agreed-upon documents—a settlement is reached whereby the plaintiffs give defendants a broad release in exchange for (often immaterial and unhelpful) supplemental disclosures and the defendants’ agreement to pay (and not to oppose court approval of) a “six-figure” fee award to plaintiffs’ counsel. According to the Trulia Court, the result is tantamount to a deal “tax” on M&A transactions.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:45 AM
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The IIROC made a pitch for legislative reform to the Ontario government’s standing committee on finance and economic affairs
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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In an interview, Xerox CEO Ursula Burns defended the decision to undo her signature acquisition by splitting the company in two.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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Xerox announced plans to split itself into two companies and give three board seats to activist investor Carl Icahn, reversing an effort by the century-old company to marry business services with its copiers and printers.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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Mutual funds are becoming more like hedge funds as a matter of investment strategy while hedge funds are becoming more like mutual funds as a matter of the regulatory framework.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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U.S. prudential regulators (the OCC, Federal Reserve, FDIC, FCA and FHFA) and the CFTC have finalized uncleared swap margin, capital and segregation requirements (the “PR rules,” and “CFTC rules,” respectively, and the “final rules,” collectively).* The PR rules apply to swap entities that are prudentially regulated by a U.S. prudential regulator (“PR CSEs”). The CFTC rules apply to swap entities that are regulated by the CFTC and that are not prudentially regulated (“CFTC CSEs”). In this memorandum, “covered swap entities” refers to PR CSEs and CFTC CSEs, together.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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Continuing the upward trend started in 2013, 2015 was a record-breaking year for M&A activity. Almost every measure tracked in our Year-End Roundup increased sharply both globally and in the U.S.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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Merger documents specify that a supermajority of the company’s board would have to change terms of employment for Alex Molinaroli and the CEO-in-waiting from Tyco International.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:53 AM
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Carl Icahn (Trades, Portfolio) increased his shareholding of Xerox (NYSE:XRX) in January, a filing revealed Friday as the company announced increased partnership with him and major changes in line with his vision for the company. Icahn’s funds purchased an additional 5,740,871 during the period from Jan. 4 to Jan. 8, at an average [...]
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:50 AM
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Low oil prices and continuing economic malaise are going to weigh on bank earnings more than expected, causing analysts at Canadian Imperial Bank of Commerce to reduce profit estimates
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:46 AM
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Alcoa said it would add three directors to its board, reaching a deal with activist Elliott Management in which the hedge fund will support the aluminum company’s slate of directors up for election this year.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:46 AM
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During most of Steve Job’s tenure as CEO of Apple Inc. the company did not have any long-term debt obligations. Apple started an aggressive buyback program only after Tim Cook took over, at the same time that it added debt to its capital structure.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:45 AM
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Candidates for directorships on public company boards have much to consider. Potential exposure to legal liability, public criticism, and reputational harm, a complex tangle of applicable regulations and requirements, and a very significant time commitment are facts of life for public company directors in the modern era. The extent to which individuals can effectively manage the risks of directorship often depends on company-specific factors and can be increased through diligence and thoughtful preparation on the part of the director and the company.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 2, 2016 9:45 AM
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In the past 12 months, shares of Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) have had a rare pummeling, down 15%, over double the decline of the S&P 500 (SPY). Since 2000, there have only been a handful of occasions where shares have experienced a trailing 12 month loss of this magnitude. Still, on every [...]
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:58 AM
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The appointment of the new Board of the University Integrated Health Centre and Social Services (CIUSSS) north of Montreal a daycare owner formerly linked to
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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The investigations into allegations that Herbalife’s business model is a fraud and that William Ackman and his fund manipulated the company’s stock have failed to find enough evidence to support bringing criminal charges.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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The portfolios of investors such as Carl Icahn and William Ackman have declined in recent months, the result of bad investment decisions and general market upheaval.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:55 AM
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The potential of digitization is well understood, yet healthcare systems are struggling to convert ambition into reality. Here’s what we recommend. A McKinsey & Company article.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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Compensation Committees face the challenge of balancing the tension in motivating their executives to create shareholder value in the current Say on Pay and economic environment.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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Paul Polman, CEO of Unilever NV, considers himself a hardcore capitalist. A label many in the corporate governance community find hard to believe given his stance against the mantra of maximizing shareholder value:
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:54 AM
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The company is said to have agreed to spin off its services business to its shareholders by the end of the year, separating it from the legacy hardware side.
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Scooped by
Institut sur la gouvernance (IGOPP)
February 1, 2016 9:52 AM
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Carl Icahn (Trades, Portfolio) increased his shareholding of Xerox (NYSE:XRX) in January, a filing revealed Friday as the company announced increased partnership with him and major changes in line with his vision for the company. Icahn’s funds purchased an additional 5,740,871 during the period from Jan. 4 to Jan. 8, at an average [...]
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