Shareholder activism in q1 2019 - Activist Insight
[Pages:15]SHAREHOLDER ACTIVISM IN Q1 2019
- APRIL 2019 -
THE DEFINITIVE QUARTERLY ANALYSIS OF SHAREHOLDER ACTIVISM WITH DATA COMPILED, ANALYZED, AND PUBLISHED BY ACTIVIST INSIGHT.
CONTENTS
03 GLOBAL OVERVIEW 05 U.S. OVERVIEW 06 U.S. CAMPAIGNS 07 CANADA OVERVIEW 08 CANADA CAMPAIGNS 09 EUROPE OVERVIEW 10 EUROPE CAMPAIGNS 11 ASIA OVERVIEW 12 ASIA CAMPAIGNS 13 AUSTRALIA OVERVIEW 14 AUSTRALIA CAMPAIGNS
DEFINITIONS PRIMARY FOCUS ACTIVIST: AN INVESTOR WHICH ALLOCATES MOST, IF NOT ALL OF ITS ASSETS TO ACTIVIST STRATEGIES. PARTIAL FOCUS ACTIVIST: AN INVESTOR WHICH FREQUENTLY EMPLOYS ACTIVIST INVESTING AS PART OF A MORE DIVERSIFIED STRATEGY. OCCASIONAL FOCUS ACTIVIST: AN INVESTOR WHICH EMPLOYS AN ACTIVIST STRATEGY ON AN INFREQUENT BASIS.
UNLESS OTHERWISE SPECIFIED, DATA ARE GLOBAL AND NOT LIMITED BY MARKET CAPITALIZATION. ALL DATA PRESENTED HEREIN ARE SOURCED BY ACTIVIST INSIGHT ONLINE. MARKET CAP DATA ARE ACCURATE AS OF MARCH 31, 2019. ALL PERCENTAGES ARE ROUNDED TO THE NEAREST WHOLE NUMBER, WHICH MAY CAUSE SUMMATION ERRORS.
KEY HOVER: PRIMARY DATA HOVER OVER THE ITEM TO ACCESS FURTHER INFORMATION WHEN YOU SEE THIS ICON (DESKTOP ONLY).
KEY TAKEAWAYS, WITH REFERENCES TO CORRESPONDING DATA POINTS IN TABLES.
DATA INQUIRIES, INCLUDING BESPOKE REQUESTS: DATA@
PRESS INQUIRIES: PRESS@
SHAREHOLDER ACTIVISM IN Q1 2019
GLOBAL OVERVIEW
- Q1 2019 WAS THE QUIETEST OPENING QUARTER TO A YEAR BY NUMBER OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS SINCE 2015.
- THE NUMBER OF COMPANIES PUBLICLY FACING IMPACTFUL CAMPAIGNS IN Q1 FELL TO ITS LOWEST SINCE 2014.
- BASIC MATERIALS COMPANIES REPRESENTED 17% OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS IN Q1 2019, A RECENT Q1-HIGH.
SERVICES
19%
ACTIVIST TARGETS
NUMBER OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
YEAR
FULL YEAR
Q1 YTD
2013
609
204
2014
647
219
2015
780
278
2016
891
361
2017
858
309
2018
935
368
2019
-
295
IMPACTFUL CAMPAIGNS
NUMBER OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS MADE BY PRIMARY, PARTIAL, OR OCCASIONAL FOCUSED ACTIVISTS.
YEAR
FULL YEAR
Q1 YTD
2013
382
114
2014
416
116
2015
518
167
2016
576
222
2017
539
181
2018
544
209
2019
-
155
FULL YEAR
Q1
935 891 858
YTD
780
609 647
361
368
278
309
295
204 219
2013 2014 2015 2016 2017 2018 2019
FULL YEAR
576
Q1 YTD
518
539 544
416 382
222
209
167
181
155
114 116
2013 2014 2015 2016 2017 2018 2019
ACTIVIST TARGETS BY SECTOR
HOVER: PRIMARY DATA
SECTOR BREAKDOWN OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
FULL YEAR
Q1 YTD
SECTOR
2016 2017 2018 2016 2017 2018 2019
BASIC MATERIALS
15% 14% 15% 14% 12% 14% 17%
CONGLOMERATES
1% 1% 0% 0% 1% 0% 0%
CONSUMER GOODS 8% 8% 9% 7% 9% 10% 11%
FINANCIAL
22% 21% 20% 26% 28% 19% 21%
HEALTHCARE
8% 10% 10% 7% 9% 9% 8%
INDUSTRIAL GOODS 7% 8% 9% 7% 9% 11% 8%
SERVICES
22% 22% 21% 21% 17% 20% 19%
TECHNOLOGY
16% 14% 13% 14% 13% 13% 12%
UTILITIES
2% 2% 3% 2% 2% 4% 3%
ACTIVIST TARGETS BY MARKET CAP
HOVER: PRIMARY DATA
MARKET CAP BREAKDOWN OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
FULL YEAR
Q1 YTD
SECTOR
2016 2017 2018 2016 2017 2018 2019
LARGE CAP (> $10B)
18% 19% 21% 24% 26% 28% 28%
MID CAP ($2B - $10B)
16% 17% 16% 17% 17% 17% 20%
SMALL CAP ($250M - $2B)
24% 25% 24% 22% 25% 22% 18%
MICRO CAP ($50M - $250M) 19% 20% 16% 19% 16% 14% 17%
NANO CAP (< $50M)
22% 20% 23% 18% 15% 20% 17%
MICRO CAP
17%
NOLOGY
2 %
CONSUMER GOODS
11%
IGNODOUDSSTRIA
8 %
SMALL CAP
18 %
IAL
%
UTILITIES - 3%
HEALTHCARE L
8%
FINANC
21
BASIC MATERIALS
17%
TECH
1
NANO CAP
LA
17%
CA P
%
RGE CAP
28%
MID
20
SHAREHOLDER ACTIVISM IN Q1 2019
GLOBAL OVERVIEW
- THE U.K. HAD ITS BUSIEST Q1 IN RECENT YEARS, WITH 17 COMPANIES FACING PUBLIC ACTIVIST DEMANDS. - AUSTRALIA RANKED THE SECOND BUSIEST COUNTRY IN Q1 2019, WITH 25 COMPANIES FACING PUBLIC ACTIVIST DEMANDS. - PORTUGAL AND RUSSIA EACH RECORDED THEIR FIRST PUBLIC ACTIVIST TARGETS IN RECENT YEARS.
FULL YEAR
Q1
GLOBAL
2016 2017 2018 2016 2017 2018 2019
NUMBER OF TARGETS 891 858 935 361 309 368 295
HOVER: COUNTRY DETAILS
MOST COMPANIES TARGETED
FEWEST COMPANIES TARGETED NO COMPANIES TARGETED
11
NUMBER OF COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY COMPANY HQ & TIME PERIOD.
U.S. OVERVIEW
SHAREHOLDER ACTIVISM IN Q1 2019
- THE NUMBER OF U.S.-BASED COMPANIES FACING PUBLIC ACTIVIST DEMANDS IN Q1 2019 FELL TO A RECENT Q1 LOW, BEHIND THE RECORD PACE SET IN Q1 2018. - 56% OF U.S.-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS IN Q1 2019 HAVE A MARKET CAP OF OVER $2 BILLION, A RECENT Q1-HIGH. - BASIC MATERIALS COMPANIES MADE UP 14% OF U.S.-BASED COMPANIES FACING PUBLIC ACTIVIST DEMANDS IN Q1 2019, A RECENT Q1-HIGH.
L UTILITIES - 4%
SERVICES
21%
U.S. ACTIVIST TARGETS
NUMBER OF U.S.-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
YEAR
FULL YEAR
Q1 YTD
2013
328
121
2014
379
144
2015
432
174
2016
491
221
2017
470
191
2018
493
227
2019
-
189
IMPACTFUL CAMPAIGNS
NUMBER OF U.S.-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY PRIMARY, PARTIAL, OR OCCASIONAL FOCUSED ACTIVISTS.
YEAR
FULL YEAR
Q1 YTD
2013
211
68
2014
260
84
2015
317
119
2016
329
144
2017
287
113
2018
284
124
2019
-
97
FULL
YEAR
491
493
Q1
470
YTD
432
379
328
221
227
174
191
189
144 121
2013 2014 2015 2016 2017 2018 2019
U.S. ACTIVIST TARGETS BY SECTOR
HOVER: PRIMARY DATA
SECTOR BREAKDOWN OF U.S.-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
FULL YEAR
Q1 YTD
SECTOR
2016 2017 2018 2016 2017 2018 2019
BASIC MATERIALS
9% 8% 9% 8% 8% 7% 14%
CONGLOMERATES
1% 1% 0% 0% 1% 0% 0%
CONSUMER GOODS 7% 7% 9% 8% 8% 10% 9%
FINANCIAL
24% 22% 18% 27% 27% 20% 21%
HEALTHCARE
8% 12% 12% 9% 13% 11% 10%
INDUSTRIAL GOODS 7% 6% 8% 8% 8% 11% 8%
SERVICES
24% 25% 25% 21% 18% 23% 21%
TECHNOLOGY
19% 17% 16% 16% 14% 14% 13%
UTILITIES
2% 2% 3% 3% 3% 4% 4%
HEALTHCARE
LOGY
CGOONOSDSUMER
9 %
10%
TECHNO
13
%
BASIC MATERIALS
14%
INDGUOSTORDIASL
8%
FINANCIA
21%
FULL YEAR
317 329
Q1
YTD
287 284
260
211
144
119
113 124
84
97
68
2013 2014 2015 2016 2017 2018 2019
U.S. ACTIVIST TARGETS BY MARKET CAP
HOVER: PRIMARY DATA
MARKET CAP BREAKDOWN OF U.S.-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
FULL YEAR
Q1 YTD
SECTOR
2016 2017 2018 2016 2017 2018 2019
LARGE CAP (> $10B)
22% 24% 28% 26% 32% 34% 35%
MID CAP ($2B - $10B)
16% 18% 19% 17% 18% 20% 21%
SMALL CAP ($250M - $2B)
22% 25% 23% 20% 24% 22% 20%
MICRO CAP ($50M - $250M) 21% 18% 16% 21% 16% 13% 17%
NANO CAP (< $50M)
19% 14% 14% 15% 10% 11% 7%
SMALL CAP
20%
MICRO CAP
17 %
NANO CA
7%
MID CAP
21%
LARGE CAP
35%
U.S. CAMPAIGNS
SHAREHOLDER ACTIVISM IN Q1 2019
- ACTIVISTS GAINED 53 BOARD SEATS AT U.S.-BASED COMPANIES IN Q1 2019, A RECENT Q1-LOW. - 11 U.S.-BASED COMPANIES FACED PUBLIC ACTIVIST OPPOSITION TO M&A DEALS IN Q1 2019, A RECENT Q1-HIGH. - AS A PROPORTION OF ALL PUBLIC DEMANDS, M&A & BREAKUP ACTIVISM AT U.S. COMPANIES IN Q1 2019 REACHED A RECENT Q1-HIGH.
PUSH FOR M&A
18 COMPANIES
BOARD-RELATED
43%
OTHER - 1% BUSINESS STRATEGY
REMUNERATION
U.S. ACTIVIST DEMANDS BY TYPE
HOVER: PRIMARY DATA
DEMAND TYPE BREAKDOWN OF PUBLIC ACTIVIST DEMANDS MADE AT U.S.-BASED COMPANiES BY TIME PERIOD.
FULL YEAR
Q1 YTD
DEMAND TYPE
2016 2017 2018 2016 2017 2018 2019
BOARD-RELATED
44% 41% 39% 48% 45% 42% 43%
BALANCE SHEET
9% 8% 7% 6% 5% 3% 6%
M&A & BREAKUP
17% 14% 18% 13% 9% 12% 14%
BUSINESS STRATEGY 6% 7% 7% 6% 4% 6% 5%
OTHER GOVERNANCE 19% 23% 23% 22% 28% 32% 25%
REMUNERATION
4% 5% 4% 5% 5% 3% 6%
OTHER
2% 3% 2% 1% 4% 2% 1%
M&A-RELATED
14%
SBHAELEATNCE
6 %
6% 5%
OTHER GOVERNANCE
25 %
BOARD SEATS GAINED BY ACTIVISTS IN THE U.S.
NUMBER OF BOARD SEATS GAINED BY ACTIVIST NOMINEES AT U.S.-BASED COMPANIES BY METHOD & TIME PERIOD.
FULL YEAR
METHOD
2016 2017 2018
CONTESTED VOTE
MEETINGS SEATS WON
25 26 23 27 34 31
SETTLEMENT
SETTLEMENTS SEATS WON
169 118 143 244 175 236
TOTAL SEATS WON
271 209 267
2016 3 3 68 96 99
Q1 YTD
2017 2018
6
1
8
3
49 54
78 85
86 88
2019 1 0 35 53 53
M&A & BREAKUP ACTIVISM IN THE U.S.
NUMBER OF COMPANIES PUBLICLY SUBJECTED TO M&A-RELATED ACTIVIST DEMANDS AT U.S.-BASED COMPANIES BY DEMAND TYPE & TIME PERIOD.
FULL YEAR
Q1 YTD
DEMAND TYPE
2016 2017 2018 2016 2017 2018 2019
PUSH FOR M&A
70 71 83 18 22 27 18
OPPOSE M&A
36 17 29 9
3
6
11
SPINOFF / BREAKUP
16
8
17
8
0
6
7
OPPOSE
M&A
MPANIES
SPIN
7 CO
11 CO
OFF
/
BREAKUP
MPANIES
KEY U.S. CAMPAIGNS LAUNCHED IN Q1 2019
*APPROXIMATE VALUES IN USD AND AS OF MARCH 31, 2019.
ACTIVIST
COMPANY
VALUE OF STAKE*
PUBLIC DEMANDS?
STARBOARD VALUE
BRISTOL MYERS-SQUIBB
$47M
YES
Starboard Value withdrew its opposition of the company's bid for Celgene in March.
STARBOARD/ELLIOTT MGMT.
eBAY
$1.5B (COMBINED)
YES
EBay announced it was launching a strategic review in March, settling with Starboard Value and Elliott Management in the process.
BLUEMOUNTAIN CAPITAL
PG&E
$143M
YES
PG&E unveiled a new CEO and 10 new board members in early April, following pressure from BlueMountain Capital Management.
TOP U.S. ACTIVISTS IN Q1 2019
TOP PRIMARY & PARTIAL FOCUSED ACTIVISTS BY THE NUMBER OF NEW ACTIVIST INVESTMENTS MADE AT U.S.-BASED COMPANIES IN Q1 2019.
ACTIVIST
NEW INVESTMENTS CAPITAL INVESTED
NOTABLE CAMPAIGN(S)
STARBOARD VALUE
7
$2.3B
EBAY, DLTR, ZAYO, BMY
SABA CAPITAL MGMT.
2
$68M
VTA, BQH
ELLIOTT MANAGEMENT
1
$1.3B
EBAY
CARL ICAHN
1
$635M
CZR
PAULSON & CO
1
$487M
NEM
SHAREHOLDER ACTIVISM IN Q1 2019
CANADA OVERVIEW
- THE NUMBER OF CANADIAN COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS IN Q1 2019 SLIPPED TO 18, DOWN FROM 32 IN Q1 2018. - CANADIAN COMPANIES FACING PUBLIC IMPACTFUL CAMPAIGNS IN Q1 2019 FELL TO THE LOWEST LEVELS SEEN IN Q1 IN RECENT YEARS.
- FIVE CANADIAN BASIC MATERIALS COMPANIES FACED PUBLIC ACTIVIST DEMANDS IN Q1 2019, A RECENT Q1-LOW.
MATERIALS
8%
UTILITIES TECHNOLOGY
FINA
22
FULL YEAR
75
CANADA ACTIVIST TARGETS BY SECTOR
HOVER: PRIMARY DATA
Q1 YTD
70 66
SECTOR BREAKDOWN OF CANADA-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
CANADA ACTIVIST TARGETS
56 56
57
NUMBER OF CANADA-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS
SECTOR
FULL YEAR
Q1 YTD
2016 2017 2018 2016 2017 2018 2019
BY TIME PERIOD.
YEAR 2013
FULL YEAR 56
Q1 YTD 17
BASIC MATERIALS
35% 30% 37% 33% 39% 38% 28%
CONGLOMERATES
0% 0% 0% 0% 0% 0% 0%
SERVICES
BASIC
6%
CONSUMER GOODS 5% 5% 3% 0% 6% 6% 11%
6%
2
CONSUMER GOODS
11% 6%
2014
56
19
2015
70
27
27
30
32
FINANCIAL HEALTHCARE
15% 18% 23% 30% 28% 28% 22% 9% 9% 5% 3% 0% 6% 11%
2016
66
30
17
19
18
18
INDUSTRIAL GOODS 5% 7% 7% 3% 6% 6% 11%
INDUGSOTORIDASL
11%
NCIAL
%
2017
57
18
SERVICES
15% 16% 13% 20% 6% 6% 6%
HEALTHCARE
11 %
2018
75
32
TECHNOLOGY
15% 14% 11% 7% 17% 6% 6%
2019
-
18
2013 2014 2015 2016 2017 2018 2019 UTILITIES
2% 2% 1% 3% 0% 3% 6%
IMPACTFUL CAMPAIGNS
NUMBER OF CANADA-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY PRIMARY, PARTIAL, OR OCCASIONAL FOCUSED ACTIVISTS.
YEAR
FULL YEAR
Q1 YTD
2013
30
5
2014
30
6
2015
38
11
2016
37
18
2017
28
7
2018
38
11
2019
-
4
FULL YEAR
38 37
38
Q1 YTD
30 30 28
18
11
5
6
11
7 4
2013 2014 2015 2016 2017 2018 2019
CANADA ACTIVIST TARGETS BY MARKET CAP
HOVER: PRIMARY DATA
CAP
MARKET CAP BREAKDOWN OF CANADA-BASED COMPANIES PUBLICLY SUBJECTED TO ACTIVIST DEMANDS BY TIME PERIOD.
O
NAN
2
FULL YEAR
Q1 YTD
2%
SECTOR
2016 2017 2018 2016 2017 2018 2019
MICRO CAP
11%
LARGE CAP (> $10B)
18% 9% 17% 30% 11% 25% 17%
MID CAP ($2B - $10B)
14% 19% 9% 10% 22% 13% 22%
SMALL CAP ($250M - $2B)
15% 23% 25% 13% 22% 19% 28%
MICRO CAP ($50M - $250M) 21% 18% 9% 20% 17% 9% 11%
NANO CAP (< $50M)
32% 32% 39% 27% 28% 34% 22%
SMALL CAP
28 %
LARGE CAP
17%
MID CAP
22%
SHAREHOLDER ACTIVISM IN Q1 2019
CANADA CAMPAIGNS
- BULLRUN CAPITAL WON FOUR SEATS AT GROWMAX RESOURCES IN THE ONLY CONTESTED VOTE IN CANADA IN Q1 2019. - THE NUMBER OF PUBLIC BOARD-RELATED ACTIVIST DEMANDS MADE IN CANADA FELL TO A RECENT Q1-LOW. - NON BOARD-RELATED GOVERNANCE SHAREHOLDER PROPOSALS MADE AT CANADIAN COMPANIES FELL TO A RECENT Q1-LOW.
CANADA ACTIVIST DEMANDS BY TYPE
HOVER: PRIMARY DATA
DEMAND TYPE BREAKDOWN OF PUBLIC ACTIVIST DEMANDS MADE AT CANADA-BASED COMPANiES BY TIME PERIOD.
FULL YEAR
Q1 YTD
DEMAND TYPE
2016 2017 2018 2016 2017 2018 2019
BOARD-RELATED
44% 40% 50% 40% 39% 48% 41%
BALANCE SHEET
12% 12% 10% 15% 12% 5% 7%
M&A & BREAKUP
13% 16% 9% 4% 9% 5% 7%
BUSINESS STRATEGY 4% 7% 6% 4% 0% 2% 7%
OTHER GOVERNANCE 19% 16% 15% 29% 27% 26% 28%
REMUNERATION
8% 10% 10% 8% 12% 14% 10%
OTHER
0% 1% 0% 0% 0% 0% 0%
7% M&EALA- TED BSUTRSIANTEESGSY 7%
OTHER GOVERNANCE
28 %
BOARD SEATS GAINED BY ACTIVISTS IN CANADA
NUMBER OF BOARD SEATS GAINED BY ACTIVIST NOMINEES AT CANADA-BASED COMPANIES BY METHOD & TIME PERIOD.
FULL YEAR
METHOD
2016 2017 2018 2016
CONTESTED VOTE
MEETINGS SEATS WON
9
8
13
3
8
10
18
0
SETTLEMENT
SETTLEMENTS SEATS WON
23 15 20 8
31
32
31
11
TOTAL SEATS WON
39 42 49 11
Q1 YTD
2017 2018
2
2
9
3
2
4
3
5
12
8
2019 1 4 3 4 8
REMUNERATION BSAHLEAETNCE
10% 7% R OPPOSE M&A 1 COMPANY
PUSH FOR M&A
1 COMPANY
BOARD-RELATED
41%
M&A & BREAKUP ACTIVISM IN CANADA
NUMBER OF COMPANIES PUBLICLY SUBJECTED TO M&A-RELATED ACTIVIST DEMANDS AT CANADA-BASED COMPANIES BY DEMAND TYPE & TIME PERIOD.
FULL YEAR
Q1 YTD
DEMAND TYPE
2016 2017 2018 2016 2017 2018 2019
PUSH FOR M&A
7
8
6
0
2
1
1
OPPOSE M&A
6
6
5
2
1
2
1
SPINOFF / BREAKUP
0
1
1
0
0
0
0
KEY CANADA CAMPAIGNS LAUNCHED IN Q1 2019
*VALUES IN USD AND AS OF MARCH 31, 2019.
ACTIVIST
COMPANY
VALUE OF STAKE*
PUBLIC DEMANDS?
M&G INVESTMENTS
METHANEX
$760M
YES
M&G Investments is seeking four seats on Methanex's board, with concerns about capital allocation and corporate governance.
MANGROVE PARTNERS
TRANSALTA
$99M
YES
Mangrove Partners is calling on TransAlta's CEO to provide detailed explanations for a debt issuance to Brookfield Renewable Partners.
CRESCENDO PARTNERS
STUART OLSON
UNDISCLOSED
YES
Crescendo Partners sent a letter to the board of Stuart Olson in January, seeking board seats and the sale of the company to a third party.
TOP CANADA ACTIVISTS IN Q1 2019
TOP PRIMARY & PARTIAL FOCUSED ACTIVISTS BY THE NUMBER OF NEW ACTIVIST INVESTMENTS MADE AT CANADA-BASED COMPANIES IN Q1 2019.
ACTIVIST
NEW INVESTMENTS CAPITAL INVESTED
NOTABLE CAMPAIGN(S)
MANGROVE PARTNERS
1
$99M
TA.TO
SANDPIPER GROUP
1
$38M
DRA-U.TO
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