Nadia's Feed
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.

Jul 15, 2014

HP interim Chairman Ralph Whitworth resigns to focus on health

By Supantha Mukherjee and Nadia Damouni

(Reuters) – Hewlett-Packard Co interim chairman and activist investor Ralph Whitworth will step down on Wednesday to focus on his health, the latest top-level departure from the computer maker as it struggles to return to consistent growth.

Whitworth, who will also take a leave of absence from his hedge fund Relational Investors LLC, has stood in as chairman of the world’s largest personal computer maker since Ray Lane relinquished that post in April 2013.

Jul 15, 2014

HP’s interim chair Whitworth resigns to focus on health

July 15 (Reuters) – Hewlett-Packard Co interim
chairman and activist investor Ralph Whitworth will step down on
Wednesday to focus on his health, the latest top-level departure
from the computer maker as it struggles to return to consistent
growth.

Whitworth, who will also take a leave of absence from his
hedge fund Relational Investors LLC, has stood in as chairman of
the world’s largest personal computer maker since Ray Lane
relinquished that post in April 2013.

Jul 3, 2014

Exclusive: Ousted American Apparel CEO hands over stake to hedge fund

By Nadia Damouni and Jeffrey Dastin

(Reuters) – Ousted American Apparel Inc (APP.A: Quote, Profile, Research, Stock Buzz) Chief Executive Officer Dov Charney has handed over his entire stake and voting rights in the struggling retailer to Standard General LP, enabling the fund to negotiate directly with the independent directors over the company’s future, two sources close to the matter said on Wednesday.

Earlier Standard General had loaned its American Apparel shares to Charney, according to regulatory documents, allowing him to boost his stake in the company from about 27 percent to 43 percent. Charney had hoped to gain majority control, but American Apparel countered with an anti-takeover plan that prompted him to change his strategy.