Nadia's Feed
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.

Jul 18, 2014

Vatican dispute sheds light on HP case in troubled Autonomy deal

By Nadia Damouni and Paul Sandle

(Reuters) – The Vatican has become enmeshed in a struggle between Hewlett-Packard Co (HPQ.N: Quote, Profile, Research) and Michael Lynch, the former CEO of the UK software company Autonomy Corp bought by HP in 2011 in a deal that led to a big loss for the U.S. technology giant.

An argument over the proposed use of Autonomy’s software to help digitise the Vatican’s library potentially lends support to HP’s accusation that Autonomy booked sales even when the intended end user had not decided to buy the software.

Jul 18, 2014

Exclusive: Vatican dispute sheds light on HP case in troubled Autonomy deal

By Nadia Damouni and Paul Sandle

(Reuters) – The Vatican has become enmeshed in a struggle between Hewlett-Packard Co and Michael Lynch, the former CEO of the UK software company Autonomy Corp bought by HP in 2011 in a deal that led to a big loss for the U.S. technology giant.

An argument over the proposed use of Autonomy’s software to help digitize the Vatican’s library potentially lends support to HP’s accusation that Autonomy booked sales even when the intended end user had not decided to buy the software.

Jul 17, 2014

Alibaba now eyes September for U.S. mega-IPO: source

NEW YORK (Reuters) – Alibaba Group Holding Inc has pushed its highly anticipated IPO until after the September Labor Day holiday, a source with knowledge of the matter said, as the Chinese online retail company works through the complex process of launching what could the largest-ever U.S. tech debut.

Alibaba, which had targeted an August float, now plans to begin its investor roadshow and price its shares in September, the source said on condition of anonymity because the IPO process was private.