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Recent Activist Campaigns

Recent Activist Campaigns

Recent Successful Campaigns for Board Representation:
  • Ancora Advisors @ J. Alexander's Holdings, Inc. (settlement reached for 1 board seat)
  • AREX Capital @ Fiesta Restaurant Group, Inc. (settlement reached for 1 board seat)
  • AREX Capital @ ZAGG Inc. (settlement reached for 1 board seat)
  • Daniel A. Ninivaggi (Protean Services LLC) @ Tenneco Inc. (settlement reached for 1 board seat)
  • D.C. Capital @ Superior Industries International Inc. (settlement reached for 1 board seat)
  • Elliott Management @ Evergy, Inc. (settlement reached for 2 board seats)
  • Elliott Management @ Peabody Energy Corporation (settlement reached for 3 board seats)
  • Elliott Management @ Twitter, Inc. (settlement reached for 1 board seat)
  • Engaged Capital @ Apogee Enterprises, Inc. (settlement reached for 3 board seats)
  • Engaged Capital @ SunOpta Inc. (agreement reached to invest up to a total of $60 million in SunOpta in the form of exchangeable preferred shares and SunOpta has committed to nominating a designee of Engaged to serve on its board)
  • Engine Capital @ Harvard Bioscience Inc. (settlement reached for 1 board seat)
  • Engine Capital @ PDL BioPharma, Inc. (settlement reached for 1 board seat)
  • Engine Capital @ PFSweb, Inc. (settlement reached for 1 board seat)
  • H Partners @ Six Flags Entertainment Corporation (settlement reached for 1 board seat)
  • Impactive Capital @ Avid Technology, Inc. (settlement reached for 1 board seat)
  • JCP Investment @ Innovative Food Holdings, Inc. (settlement reached for 3 board seats)
  • Lawrence Seidman @ Bankwell Financial Group (settlement reached for 1 board seat)
  • Lion Point @ Sierra Wireless Inc. (settlement reached for 2 board seats)
  • Macellum Capital / Ancora Advisors @ Big Lots, Inc. (settlement reached for 3 board seats)
  • MIG Capital @ Groupon, Inc. (agreement reached to serve as an adviser to the board)
  • Oaktree Capital @ Infinera Corporation (settlement reached for 1 board seat)
  • Saba Capital @ Eaton Vance Floating-Rate Income Plus Fund (successful proxy contest for 3 board seats)
  • SevenSaoi Capital @ Zovio, Inc. (settlement reached for 1 board seat)
  • Starboard Value @ Acacia Research Corporation (settlement reached for 3 board seats)
  • Starboard Value @ AECOM (settlement reached for 3 board seats)
  • Starboard Value @ Box, Inc. (settlement reached for 3 board seats)
  • Stilwell Group @ Wheeler Real Estate Investment Trust, Inc. (successful proxy contest for 3 board seats)
  • VIEX @ Immersion Corp (settlement reached for 3 board seats)
Notable 2019 Successful Campaigns for Board Representation:
  • Altiva Management @ Progenics Pharmaceuticals, Inc. (successful consent solicitation for 5 board seats)
  • Elliott @ eBay, Inc. (settlement reached for 3 board seats)
  • Engaged Capital @ Del Frisco’s Restaurant Group Inc. (settlement reached for 1 board seat and to terminate its poison pill)
  • Engine Capital @ PFSweb, Inc. (settlement reached for 1 board seat)
  • 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)
  • Legion Partners, Macellum Advisors and Ancora Advisors @ Bed Bath & Beyond Inc. (settlement reached for 4 board seats)
  • Legion Partners @ Vonage Holdings Corp. (settlement reached for 1 board seat)
  • Macellum @ Citi Trends, Inc. (settlement reached for 1 board seat)
  • Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
  • 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)
  • Rice Brothers @ EQT Corp. (successful proxy contest for 7 board seats)
  • Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
  • VIEX @ A10 Networks, Inc. (settlement reached for 3 board seats)
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. (agreement reached to invest up to a total of $60 million in SunOpta in the form of exchangeable preferred shares and SunOpta has committed to nominating a designee of Engaged to serve on its board)
  • 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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