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Recent Activist Campaigns

Recent Activist Campaigns

Recent Successful Campaigns for Board Representation:
  • 180 Degree Capital @ Synacor, Inc. (settlement reached for 1 board seat)
  • Altiva Management @ Progenics Pharmaceuticals, Inc. (successful consent solicitation for 5 board seats)
  • Broadfin Capital @ Avadel Pharmaceuticals plc (settlement reached for 2 board seats)
  • Broadfin Capital @ Nevro Corp. (settlement reached for 2 board seats)
  • BLR Partners @ Flotek Industries, Inc. (settlement reached for 1 board seat)
  • Elliott @ eBay, Inc. (settlement reached for 3 board seats)
  • Engaged Capital @ Apogee Enterprises, Inc. (settlement reached for 3 board seats)
  • Engaged Capital @ Benchmark Electronics, Inc. (agreement reached pursuant to which Glenn W. Welling, the founder and Chief Investment Officer of Engaged Capital, was given the option to join the Board)
  • Engaged Capital @ Del Frisco’s Restaurant Group Inc. (settlement reached for 1 board seat and to terminate its poison pill)
  • Engaged Capital @ InnerWorkings, Inc. (settlement reached for 2 board seats)
  • Engine Capital @ PFSweb, Inc. (settlement reached for 1 board seat)
  • Engine Capital @ Recro Pharma, Inc. (settlement reached for 1 board seat)
  • Gilead Capital @ Computer Programs and Systems, Inc. (settlement reached for 2 board seats)
  • HSB Capital @ Tix Corp. (settlement reached for 3 board seats)
  • Hestia Capital/Permit Capital @ GameStop Corp. (settlement reached for 2 board seats)
  • Hill Path Capital @ SeaWorld Entertainment, Inc. (settlement reached for 1 board seat)
  • Horton Fund @ Safeguard Scientifics, Inc. (settlement reached for 1 board seat)
  • Impactive Capital @ Avid Technology Inc. (settlement reached for 1 board seat)
  • Kanen Wealth Management @ Build-A-Bear Workshop, Inc. (settlement reached for 1 board seat)
  • Kanen Wealth Management @ U.S. Auto Parts Network, Inc. (settlement reached for 1 board seat)
  • Legion Partners, Macellum Advisors and Ancora Advisors @ Bed Bath & Beyond Inc. (settlement reached for 4 board seats)
  • Legion Partners @ NN, Inc. (settlement reached for 2 board seats)
  • Legion Partners @ Vonage Holdings Corp. (settlement reached for 1 board seat)
  • Macellum @ Citi Trends, Inc. (settlement reached for 1 board seat)
  • Mark Higgins @ Trans World Entertainment Corporation (agreement reached to nominate 1 new director)
  • Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
  • Simcoe Capital @ Donnelley Financial Solutions, Inc. (settlement reached to nominate director at 2019 Annual Meeting)
  • Snow Park Capital @ Front Yard Residential Corporation (settlement reached for 2 board seats)
  • Starboard @ Cerner Corp (settlement reached for 4 board seats)
  • Starboard @ GCP Applied Technologies Inc. (settlement reached for 2 board seats)
  • Starboard @ Magellan Health Inc (settlement reached for 4 board seats)
  • Starboard @ Papa John’s International, Inc. (agreement reached for 3 board seats and Securities Purchase Agreement)
  • Stilwell Group @ Wheeler Real Estate Investment Trust, Inc. (successful proxy contest for 3 board seats)
  • Rice Brothers @ EQT Corp. (successful proxy contest for 7 board seats)
  • Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
  • TAR Holdings @ SeaChange International (settlement reached for 2 board seats)
  • VIEX @ A10 Networks, Inc. (settlement reached for 3 board seats)
  • VIEX @ Arlo Technologies, Inc. (settlement reached for 1 board seat)
Notable 2018 Successful Campaigns for Board Representation:
  • Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
  • Elliott @ Commvault Systems, Inc. (settlement reached for 2 board seats)
  • Engaged Capital @ Aratana Therapeutics, Inc. (settlement reached for 2 board seats)
  • Engaged Capital @ Rent-A-Center, Inc. (settlement reached to nominate 1 new director)
  • Engine Capital @ Team, Inc. (settlement reached for 2 board seats)
  • Horton Fund/Sierra Group @ Safeguard Scientifics, Inc. (settlement reached for 2 board seats)
  • Kanen Wealth Management @ Aqua Metals, Inc. (settlement reached for 2 board seats)
  • Land & Buildings @ Life Storage, Inc. (settlement reached to appoint 3 new directors)
  • Land & Buildings @ Taubman Centers, Inc. (successful proxy contest for 1 board seat)
  • Lion Point @ Lattice Semiconductor Corporation (settlement reached for 3 board seats)
  • Legion Partners/Ancora Advisors@ SPS Commerce, Inc.(settlement reached for 3 board seats)
  • Legion Partners/ 4010 Capital @ Genesco Inc. (settlement reached for 2 board seats)
  • Richmond Brothers @ Rockwell Medical Inc. (settlement reached for 2 board seats and to declassify the board)
  • Starboard @ Bemis Company, Inc. (settlement reached for 4 board seats)
  • Starboard @ Cars.com Inc. (settlement reached for 3 board seats)
  • Starboard @ comScore, Inc. (settlement reached for 4 board seats)
  • Starboard @ Forest City Realty Trust, Inc. (settlement reached for 5 board seats)
  • Starboard @ Newell Brands Inc (settlement reached for 3 board seats)
  • VIEX @ A10 Networks, Inc. (settlement reached for 1 board seat and Company agreed to submit proposal to declassify the board at the upcoming annual meeting)
Notable 2017 Successful Campaigns for Board Representation:
  • Alden Global @ Fred’s, Inc. (settlement reached for 2 board seats)
  • Ancora Advisors @ Edgewater Technology, Inc. (successful consent solicitation to remove and replace 4 directors)
  • Ancora Advisors @ Potbelly Corp. (settlement reached for 1 board seat)
  • Bandera Partners @ Rubicon Technology, Inc. (settlement reached for 1 board seat)
  • Elliott @ Affinion Group Holdings, Inc. (settlement reached to nominate 1 director)
  • Elliott @ Arconic Inc. (settlement reached to nominate 3 directors at the 2017 Annual Meeting, at the Annual Meeting all 3 directors were elected by shareholders)
  • Exodus Capital @ Alcobra Ltd. (settlement reached for 2 board seats)
  • Engaged @ Rent-A-Center, Inc. (successful proxy contest for 3 board seats)
  • FrontFour @ Clubcorp Holdings, Inc. (settlement reached for 2 board seats)
  • Harvest Capital @ Meet Group Inc. (settlement reached for 2 new independent directors)
  • Legion Partners & CalSTRS @ Banc of California, Inc. (settlement reached for 2 new independent directors)
  • Macellum @ Citi Trends, Inc. (successful proxy contest for 1 board seat)
  • Purple Mountain/Jeereddi @ Tuesday Morning Corp. (settlement reached for Company to nominate 1 director nominee)
  • Raging Capital @ Intermolecular, Inc. (settlement reached for 1 board seat)
  • Richmond Brothers @ Rockwell Medical Inc. (successful proxy contest for 1 board seat)
  • Sessa Capital @ Ashford Hospitality Prime, Inc. (settlement reached for 2 board seats and for another director at a later date)
  • Sidus @ Harte Hanks Inc. (settlement reached for 2 board seats)
  • Simcoe @ Exar Corporation (settlement reached for 1 board seat)
  • Starboard @ comScore, Inc. (settlement reached for 4 board seats)
  • Starboard @ Depomed, Inc. (settlement reached for 3 board seats including the replacement of the CEO)
  • Starboard @ Perrigo Company plc (settlement reached for 5 board seats)
  • SW Investment/Ronin Capital @ Peregrine Pharmaceuticals, Inc. (settlement reached to remove all incumbent directors and reconstitute the board)
  • VIEX @ Maxwell Technologies Inc. (settlement reached for 1 board seat)
Recent Alternative Campaigns:
  • Bradley Radoff & Etude Capital @ OHA Investment Corp. (agreement reached in connection with the consideration of a possible negotiated transaction)
  • Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
  • Digirad @ Aviragen Therapeutics, Inc./Vaxart, Inc. (agreement reached following improved merger terms)
  • Elliott @ NXP Semiconductors NV/QUALCOMM Inc. (agreement reached following improved merger terms)
  • Engaged Capital @ HeartWare International, Inc. (settlement reached to appoint 1 new director and terminate its proposed acquisition of Valtech Cardio)
  • Engine Capital @ Navigant Consulting, Inc. (agreement reached to extend share repurchase authorization)
  • FrontFour Capital @ ILG, Inc. (withdrew nominations after announced merger with Marriott)
  • Iroquois Capital @ Real Goods Solar, Inc. (agreement reached to stop soliciting proxies against Company’s proposals and for expense reimbursement)
  • Karpus @ Morgan Stanley Investment Management Inc. (agreement reached for merger of Morgan Stanley Income Securities Inc. into a Morgan Stanley Open-End Mutual Fund)
  • Karpus Management @ Federated Premier Intermediate Municipal Income Fund (settlement reached to conduct a cash tender offer for up to 20% of its outstanding common shares and to merge with another Federated Investment Management fund)
  • Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (settlement reached a tender offer for up to 15% of the outstanding common shares and an additional tender offer approximately 6 months after the close of the initial tender offer for up to 7.5% of the outstanding common shares)
  • Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (successful campaign to block merger and the successful election of 2 director nominees)
  • Marathon Partners @ J. Alexander's Holdings, Inc. (successful campaign against J. Alexander's proposed acquisition of 99 Restaurants)
  • Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)
Recent Alternative Campaigns:
  • Bradley Radoff & Etude Capital @ OHA Investment Corp. (agreement reached in connection with the consideration of a possible negotiated transaction)
  • Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
  • Digirad @ Aviragen Therapeutics, Inc./Vaxart, Inc. (agreement reached following improved merger terms)
  • Elliott @ NXP Semiconductors NV/QUALCOMM Inc. (agreement reached following improved merger terms)
  • Engaged Capital @ HeartWare International, Inc. (settlement reached to appoint 1 new director and terminate its proposed acquisition of Valtech Cardio)
  • Engine Capital @ Navigant Consulting, Inc. (agreement reached to extend share repurchase authorization)
  • FrontFour Capital @ ILG, Inc. (withdrew nominations after announced merger with Marriott)
  • Iroquois Capital @ Real Goods Solar, Inc. (agreement reached to stop soliciting proxies against Company’s proposals and for expense reimbursement)
  • Karpus @ Morgan Stanley Investment Management Inc. (agreement reached for merger of Morgan Stanley Income Securities Inc. into a Morgan Stanley Open-End Mutual Fund)
  • Karpus Management @ Federated Premier Intermediate Municipal Income Fund (settlement reached to conduct a cash tender offer for up to 20% of its outstanding common shares and to merge with another Federated Investment Management fund)
  • Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (settlement reached a tender offer for up to 15% of the outstanding common shares and an additional tender offer approximately 6 months after the close of the initial tender offer for up to 7.5% of the outstanding common shares)
  • Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (successful campaign to block merger and the successful election of 2 director nominees)
  • Marathon Partners @ J. Alexander's Holdings, Inc. (successful campaign against J. Alexander's proposed acquisition of 99 Restaurants)
  • Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)
Recent Canadian Campaigns:
  • Ancora Advisors @ Element Fleet Management Corp. (separate agreements reached for cumulative 4 board seats)
  • Bradley L. Radoff/JEC Capital Partners @ Photon Control Inc.(settlement reached for 2 board seats)
  • Engine Capital @ RDM Corporation (settlement reached for 1 board seat)
  • Engaged Capital @ SunOpta, Inc. (settlement reached for 1 board seat)
  • JCP Investment Management @ Crius Energy Trust (settlement reached for 1 board seat)
  • Maglan Capital @ Madalena Energy (settlement reached for 1 board seat and the appointment of a new Chairman)
  • Mangrove Partners @ Atlantic Power Corporation (settlement reached for 1 board seat)
  • Waterton @ Hudbay Minerals Inc (settlement reached for reconstituted board)
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