Chief Correspondent, Hong Kong
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Oct 13, 2015

EMC executive and his GM past played key role in EMC-Dell mechanics

NEW YORK (Reuters) – As a young investment banker in the 1990s, Harry You learned about an obscure General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) security called a ‘tracking stock.’ As an EMC Corp (EMC.N: Quote, Profile, Research, Stock Buzz) executive working on selling the data storage company to Dell Inc, he helped revive it.

The addition of a tracking stock for VMware, a software maker majority-owned by EMC, is a critical part of Dell’s $67 billion deal for EMC struck on Monday, the biggest technology acquisition ever if it goes ahead.

Oct 8, 2015

Dell talks highlight Elliott’s clout across tech sector

Oct 8 (Reuters) – Acquisition talks between EMC Corp.
and Dell Inc. are significant not just for the size of
the potential transaction but also for a common element behind
this and dozens of other major tech deals over the past decade:
Elliott Management.

The possible tie-up between the $50 billion storage company
and the privately owned computer maker, which surfaced on
Wednesday, would be the largest tech deal ever and would
solidify Elliott’s reputation of sparking key and sizable
transformations throughout pockets of the industry.

Oct 6, 2015

DuPont CEO departure buys time to appease Peltz

BOSTON/TORONTO (Reuters) – The departure of DuPont’s chairwoman and chief executive Ellen Kullman has bought the U.S. chemical manufacturer a few months’ grace to boost its stock price and appease activist investor Nelson Peltz.

Before Kullman’s surprise retirement announcement, the billionaire fund manager was considering launching a second attempt to get representation on DuPont’s board, people familiar with his thinking said on Tuesday.

Oct 1, 2015

Elliott seen giving EMC most of October to answer demands-sources

NEW YORK, Oct 1 (Reuters) – Elliott Management, the activist
fund pushing EMC Corp to break up, plans to give the
data storage company most of October to respond to its demands
after a standstill agreement expired, according to people
familiar with the matter.

Even though EMC has made clear it will not entertain a major
split, Elliott hopes the additional time will give the company
more room to craft a response that could avoid a bruising
activist campaign, the people said this week.

Sep 25, 2015

Insight – U.S. companies quicker to give board seats to activists

NEW YORK (Reuters) – Early in August, a call came into Sysco Corp (SYY.N: Quote, Profile, Research) from Trian Fund Management LP, warning the food distributor that the activist hedge fund was about to disclose a large stake in the company.

    Trian, run by veteran investor Nelson Peltz, unveiled its 7.1 stake in Sysco on Aug. 14, and asked for board representation and for the Houston-based company to improve its profitability and return money to shareholders.   

Sep 25, 2015

US companies quicker to give board seats to activists

NEW YORK, Sept 25 (Reuters) – Early in August, a call came
into Sysco Corp from Trian Fund Management LP, warning
the food distributor that the activist hedge fund was about to
disclose a large stake in the company.

Trian, run by veteran investor Nelson Peltz, unveiled its
7.1 stake in Sysco on Aug. 14, and asked for board
representation and for the Houston-based company to improve its
profitability and return money to shareholders.

Sep 24, 2015

Korn Ferry purchase of Hay to nearly double its reach: CEO

By Michael Flaherty

(Reuters) – Korn Ferry’s agreement to buy Hay Group for around $452 million in cash and stock nearly doubles the size of its employee base and puts the combined recruiting company into more than 50 countries, its CEO said on Thursday.

Korn Ferry Chief Executive Gary Burnison said a key factor behind the purchase was tapping into Hay’s overseas reach. Around 80 percent of Hay’s business is done outside the United States, Burnison said in an interview.

Sep 16, 2015

Exclusive: Elliott seeks partner in taking CDK Global private

By Greg Roumeliotis and Michael Flaherty

(Reuters) – Activist hedge fund Elliott Management Corp is seeking to team up with a private equity firm to take CDK Global Inc (CDK.O: Quote, Profile, Research, Stock Buzz) private, according to people familiar with the matter, adding to pressure on the information technology company to sell itself.

CDK, a Hoffman Estates, Illinois-based provider of software to car dealers with an $8.2 billion market capitalization, has been fielding buyout interest with the help of investment bank Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), the sources said.

Sep 16, 2015

Exclusive – Elliott seeks partner in taking CDK Global private: sources

By Greg Roumeliotis and Michael Flaherty

(Reuters) – Activist hedge fund Elliott Management Corp is seeking to team up with a private equity firm to take CDK Global Inc (CDK.O: Quote, Profile, Research) private, according to people familiar with the matter, adding to pressure on the information technology company to sell itself.

CDK, a Hoffman Estates, Illinois-based provider of software to car dealers with an $8.2 billion (6 billion pounds) market capitalization, has been fielding buyout interest with the help of investment bank Morgan Stanley (MS.N: Quote, Profile, Research), the sources said.

Sep 16, 2015

Elliott seeks partner in taking CDK Global private -sources

Sept 16 (Reuters) – Activist hedge fund Elliott Management
Corp is seeking to team up with a private equity firm to take
CDK Global Inc private, according to people familiar
with the matter, adding to pressure on the information
technology company to sell itself.

CDK, a Hoffman Estates, Illinois-based provider of software
to car dealers with an $8.2 billion market capitalization, has
been fielding buyout interest with the help of investment bank
Morgan Stanley, the sources said.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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