All articles tagged with #proxy fight
Lululemon has reached a cooperation agreement ending founder Chip Wilson’s proxy fight, adding two of his nominees to the board and a third director with product/brand expertise; Wilson will not publicly disparage the company for 18 months, clearing the path for incoming CEO Heidi O’Neill as shares have fallen about 30% this year amid tariffs and rising competition.
Lululemon and founder Chip Wilson have settled the December proxy contest, with the company agreeing to add two of Wilson’s nominees—Marc Maurer and Laura Gentile—and another director with apparel product/brand expertise by October. In return, Wilson will refrain from criticizing the company for about 18 months. The deal includes a donation to Kitsilano Beach in Vancouver instead of reimbursing proxy expenses, and comes as shares rose around 4% in premarket trading amid leadership transitions and ongoing strategic efforts to restore growth and brand health.
eBay rejected GameStop’s $125-per-share takeover offer as neither credible nor attractive, but Morgan Stanley says the saga could continue through a higher bid, a shareholder proxy fight, or additional financing, with Stifel forecasting a response from Ryan Cohen; EBAY has risen about 24% year-to-date versus roughly 15% for GME.
eBay's board will review Ryan Cohen's unsolicited $56 billion bid, but his awkward CNBC appearance hurt credibility and he has yet to win backing from major investors, leaving the bid largely DOA as shares hover near pre-announcement levels.
Paramount says it will engage in good-faith talks with Warner Bros. Discovery over the Netflix-backed deal, while continuing its $30-a-share all-cash tender offer and planning a proxy fight; WBD has set a seven-day negotiation window, and Paramount argues its offer is superior and will press ahead.
Shares of Norwegian Cruise Line (NCLH) rose about 11% after Elliott Investment Management disclosed a stake above 10%, signaling a potential turnaround and even a proxy fight to push changes; the activist notes underperformance versus peers and hints at leadership and financial-driven strategies as rivals rebound post-pandemic.
Paramount has extended the deadline for Warner Bros. Discovery shareholders to back its all-cash hostile bid to February 20, after CEO David Ellison and backers have been meeting with WBD investors to persuade tendering of shares. Paramount is preparing a proxy fight to elect directors who back its $30-a-share offer (about $108.4 billion enterprise value) and has called for more transparency as WBD plans a spring split, with Paramount even securing a personal guarantee from Larry Ellison to back part of the proposal.
Paramount has sued Warner Bros. Discovery and threatened a proxy fight to push WBD to engage with Paramount’s bid to take Warner Bros. away from Netflix. Backed by billionaire Larry Ellison, the move signals a potential, highly public and costly battle that could reshape the three-way deal dynamics. With WBD’s annual meeting looming in weeks, the outcome hinges on whether WBD will engage or be compelled to disclose information that could sway investors and executives.
Paramount Skydance said it will nominate directors to Warner Bros Discovery’s board to vote against the Netflix deal, launch a proxy fight, and seek disclosure of financial details to help shareholders decide. It also plans to amend WBD bylaws to require shareholder approval for the global networks spin-off and argues its own $30-a-share cash offer plus a larger termination fee is more favorable; Netflix would gain control of key assets under an $82.7 billion deal, while WBD faces potentially costly outcomes if Paramount’s bid or any breakup terms are activated.
Lululemon's founder Chip Wilson is challenging the company's current leadership by nominating new board members, criticizing the company's recent struggles and leadership changes, amid a broader battle for control involving activist investors and rival companies, as the brand faces increased competition and market challenges.
Lululemon founder Chip Wilson has initiated a proxy fight by nominating three independent directors to the company's board, criticizing recent leadership changes and seeking to influence the appointment of a new CEO amid declining shares and increased competition, with support from activist investor Elliott Management.
Nelson Peltz, a hedge fund billionaire and activist investor, claims he played a key role in connecting Elon Musk and Donald Trump, describing himself as a 'matchmaker' between the two. Peltz made these remarks at the CNBC Delivering Alpha conference, where he also criticized Kamala Harris as a 'ridiculous' alternative to Trump. Additionally, Peltz discussed his failed proxy fight to join Disney's board, attributing his loss to index funds' opposition and expressing his willingness to reinvest if Disney's stock price drops. He also criticized Disney's leadership and questioned the focus on diversity in Marvel films.
Nelson Peltz's Trian Fund Management sold its Disney shares for about $1 billion after losing a proxy fight to join Disney's board. Despite the loss, Trian profited from Disney's stock price increase earlier this year. Disney, under CEO Bob Iger, has implemented cost-cutting measures and is focusing on its streaming business, theme parks, and finding a successor for Iger.
Bob Iger faced a tough battle to keep Nelson Peltz off the Disney board, with proxy advisory firm ISS and CalPERS supporting the activist investor. The main issue was Disney's succession process, which had been botched in the past. Peltz's lack of experience in entertainment and controversial statements raised questions about his suitability. Despite Iger prevailing in the proxy fight, speculation about his successor is rife, with internal candidates being considered. Peltz's proxy fight was the most expensive in history, and while he lost, he profited significantly.
Macy's settles its proxy fight with real estate investor Arkhouse by adding two new directors to its board, bringing the company closer to a potential deal to go private. The new directors, Ric Clark and Rick Markee, were Arkhouse nominees and will be part of the committee reviewing Arkhouse's bid to buy the company. The move comes as Macy's struggles with the shift to online shopping and plans to close around 150 of its 500 stores. Arkhouse's bid to take the retailer private differs from past engagements, aiming to give executives time to streamline the business away from the public market.