Nadia's Feed
Aug 25, 2014

Exclusive: IRS enforcement agent numbers could drop to lowest levels since 1970s

NEW YORK (Reuters) – Budget pressures at the Internal Revenue Service’s Criminal Investigation Division are cutting the number of investigators there to the lowest level in four decades, and officials say the changes are forcing the division to scale back its fight of financial crime.

It will also hurt government coffers, they add, since IRS probes can bring in hefty fines.

Aug 25, 2014

IRS enforcement agent numbers could drop to lowest levels since 1970s

NEW YORK, Aug 25 (Reuters) – Budget pressures at the
Internal Revenue Service’s Criminal Investigation Division are
cutting the number of investigators there to the lowest level in
four decades, and officials say the changes are forcing the
division to scale back its fight of financial crime.

It will also hurt government coffers, they add, since IRS
probes can bring in hefty fines.

Aug 21, 2014

JPMorgan customers targeted in email phishing campaign

BOSTON/NEW YORK (Reuters) – Fraudsters are targeting JPMorgan Chase & Co customers in an email “phishing” campaign that is unusual because it attempts to collect credentials for that bank and also infect PCs with a virus for stealing passwords from other institutions.

The campaign, dubbed “Smash and Grab,” was launched on Tuesday with a widely distributed email that urged recipients to click to view a secure message from JPMorgan, according to security researchers with corporate email provider Proofpoint Inc.

Aug 15, 2014

Feature – Corporate founders battle boards to overturn forced exits

NEW YORK (Reuters) – From American Apparel Inc (APP.A: Quote, Profile, Research) to Lululemon Athletica Inc (LULU.O: Quote, Profile, Research), Men’s Wearhouse Inc (MW.N: Quote, Profile, Research) and Best Buy Co Inc (BBY.N: Quote, Profile, Research), a series of boardroom battles across North America underscore how difficult it can be for companies to part ways with their founders.

In each of these cases, the boards decided it was time for the founders to step down from their roles either as chief executive or chairman, but faced stiff resistance from the founders, some of whom used their substantial equity stakes to fight back.

Aug 15, 2014

Corporate founders battle boards to overturn forced exits

NEW YORK, Aug 15 (Reuters) – From American Apparel Inc
to Lululemon Athletica Inc, Men’s Wearhouse Inc
and Best Buy Co Inc, a series of boardroom
battles across North America underscore how difficult it can be
for companies to part ways with their founders.

In each of these cases, the boards decided it was time for
the founders to step down from their roles either as chief
executive or chairman, but faced stiff resistance from the
founders, some of whom used their substantial equity stakes to
fight back.

Aug 11, 2014

ValueAct takes $1 bln stake in 21st Century Fox

Aug 11 (Reuters) – Hedge fund ValueAct Capital LLC said it
had taken a $1 billion stake in Rupert Murdoch-controlled film
and TV company Twenty-First Century Fox Inc.

Fox withdrew its $80 billion bid to buy Time Warner Inc
last week after being rebuffed by the owner of CNN, HBO
and Warner Bros studios. Murdoch said he has no plans to pursue
another company as an alternative.

Aug 11, 2014

Exclusive: ValueAct CEO says Valeant does not need to buy Allergan

NEW YORK (Reuters) – ValueAct Capital, a top shareholder in Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) (VRX.N: Quote, Profile, Research, Stock Buzz), supports the company’s independent business plan and does not believe the Canadian drugmaker has to buy Allergan Inc (AGN.N: Quote, Profile, Research, Stock Buzz), the investor told Reuters on Monday.

ValueAct likes a potential combination between Valeant and its takeover target Allergan, but said a drawn-out bidding war for the Botox maker might be too distracting.

Aug 8, 2014

Exclusive: ConAgra CEO Rodkin expected to retire in months – sources

By Olivia Oran and Nadia Damouni

(Reuters) – ConAgra Foods Inc’s long-time chief executive, Gary Rodkin, is expected to retire in the next several months, according to two people familiar with the matter, paving the way for a successor who investors hope can turn around the ailing packaged foods company.

The Chef Boyardee maker, which has a market capitalization of $13 billion, is in the early stages of reaching out to potential candidates to succeed Rodkin, the people said, asking not to be named since the matter is confidential.

Aug 7, 2014

Lululemon averts proxy war; founder to sell half his stake

NEW YORK, Aug 7 (Reuters) – Lululemon Athletica Inc
founder Chip Wilson will sell half of his 27 percent stake in
the yoga apparel maker to private equity firm Advent
International for $845 million, as part of a deal in which
Wilson agreed not to wage a proxy contest.

Under the agreement announced by the company on Thursday,
Advent will also add two of its senior managers, David Mussafer
and Steve Collins, to Lululemon’s board, expanding it to 12
members. Mussafer will take become co-chairman, alongside
Chairman Michael Casey.

Aug 7, 2014

Lululemon founder agrees not to wage proxy war, Advent buys stake

NEW YORK, Aug 7 (Reuters) – Chip Wilson, the founder of
Lululemon Athletica Inc, has agreed not to wage a proxy
contest on the yoga apparel maker, in return for two additional
director positions and number of other governance changes, the
company said on Thursday.

As part of the agreement, Wilson will sell half of his 27
percent stake to private equity firm Advent International for
$845 million. Advent will add two of its senior managers, David
Mussafer and Steve Collins – to Lululemon’s board, expanding it
to 12 members. Mussafer will take the role as co-chairman
alongside existing chairman Michael Casey.