A letter from starboard value april 11, 2018 dear fellow newell shareholders, today we are asking you to elect four new, highlyqualified directors to the newell brands inc. Starboard move could store up trouble for macys wsj. Technologies, yahoo, brinks home security, macys, darden restaurants, and papa johns pizza. Starboard value lp, a significant shareholder of macy s, inc. Starboard value lp, the activist hedge fund that had pressured macy s inc to separate its real estate from its retail business, has sold its stake in the u. Hedge fund presentations by worlds renowned activist investors. It includes any person who directly or indirectly shares voting power or investment power the power to sell the security. Macys shares jump on starboard investment the new york. This plan will allow macys to unlock value from the real estate while maintaining a highly conservative capital structure. Starboard value outlines plan to ipo macys real estate.
The real estate catalyst looks like a hot air balloon. Starboard value is an american hedge fund that was founded in 2002 by jeffrey smith and mark mitchell with smith serving as ceo. Macy s get report incoming ceo may have received a big break as activist investor starboard value is said to have sold its stake in the struggling department store starboard value, which. Starboard value lp f filing history jeffrey smith fintel. Starboard value merged with the cowen group in 2008, and was cowens hedgefund until 2011, when it went independent. Starboard values presentation on advance auto parts. But the retailer should think twice before extracting it. Starboard value lps jeffrey smith conceded last may that his hedge fund had probably invested too early in macy s inc.
Prnewswire starboard value lp together with its affiliates, starboard. A primer on dardens real estate overview of starboard value lp starboard value lp is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value for the benefit of all shareholders. Starboard value lp jeffrey smith activist dg filings. Jeff smith, founder and ceo of activist hedge fund starboard value lp, told bloomberg tv that the firm bought into macy s too early and is growing impatient with the department store retailer.
Starboard value is pushing macy s to unlock the value of its vast realestate holdings through a spinoff. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all. Jeff smiths activist investment firm starboard value today released a presentation on their newest holding, advance auto parts aap. For macy s, there may be extra gold in them thar stores. Starboard owns a stake of at least 1% of macy s 386. We believe macy s owned real estate is extremely valuable and. While we are frustrated with the recent operating performance of the business, we appreciate that you have begun to take actions to resize the cost structure and reduce macy s store base. Activist hedge fund starboard value once had a plan for struggling department store chain macys. Activist hedge fund starboard value has thrown in the towel and sold its stake in macy s after pressure on the struggling department store retailer to extract value from its real estate assets. This page shows a list of all the recent f filings made by starboard value lp.
In a presentation, starboard value said macy s real estate was extremely valuable and these real estate assets are underappreciated by the market, as it outlined the case for converting macy s. Unlocking value at macys january 11, 2016 starboard value. New york citythe activist investor, which disclosed a stake in macy s this past july, is proposing separate jvs for the retailers flagship stores and its hundreds of mall locations. May 11, 2020 starboard value lp delivers letter to gcp shareholders. This page shows a list of all the recent dg filings made by starboard value lp. But if you havent been along for the ride, and if you havent considered the. Starboard value said wednesday it had taken a stake in macy s and is pushing. Starboard value began as part of ramius capital in 2002. Macy s could use the proceeds from a real estate spinoff to raise its dividend and increase share buybacks, two things that it recently stated it is committed to doing.
A primer on dardens real estate overview of starboard value lp starboard value lp is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value. When asked about his firms decision to dump its stake in macys an. Activist starboard value exits their position in macy s. Starboard value and macys did not immediately responded to retail dives requests for comment. Starboard value exited its stake in macy s in the first quarter, according to an sec filing friday the hedge fund also added a position in cybersecurity firm fortinet. As of the beginning of 2020, macy s had 839 total stores, of which 342 were companyowned. Starboard releases presentation on macys real estate and.
The hedge fund has encouraged the department store chain to enter into joint ventures for its stores in order to gain greater. Reestimating macy s real estate assets and the tangible book value. Company filings, bloomberg, and starboard value estimates. Starboard value an activist investor estimates macys real estate holdings to be worth at. Macy s or the company has an opportunity to unlock value for the benefit of all shareholders. Work continuously to maximize shareholder value cnbc s dominic chu reports the response by macy s to hedge fund manager. Starboard value is an american hedge fund that was founded in 2002 by jeffrey smith and. Activist investor starboard exits macys stock sources. Why macys couldnt sell its stores fast enough for starboard. Starboard drops macys, and its the right call bloomberg. Activist hedge fund starboard value once had a plan for struggling department store chain macy s. The starboard value ceo and cio, who also touted altaba, said the.
Schedule d is commonly referred to as a beneficial ownership report. Newell or the company board of directors the board at the upcoming 2018 annual. Wharton activist stock pitch competition 2018 eligibility. Starboard s plan starboard value seems to have toned down its ambitions for macy s. Outlines the jv plan that starboard believes macys should follow to. We believe macy s owned real estate is extremely valuable and these real estate assets are underappreciated by the market. The stock has fallen significantly over the last 2 years.
Will macys brand still retain value and resonate with the market. Jeffrey smiths starboard value detailed an extensive plan to unlock value at macy s, recommending that the cincinnatibased retailing giant create joint ventures for the real estate of. Starboards jeffrey smith calls perrigo his firms best idea. The term beneficial owner is defined under sec rules. April 30, 2020 starboard value lp publishes presentation on gcp. Why macys couldnt sell its stores fast enough for starboard retail. Starboard value wants macy s to place its four flagship stores into a joint venture. M, announced that it has released presentation materials outlining starboard s proposed strategy and structures for unlocking.
May 11, 2020 starboard value lp publishes supplemental materials on gcp. Starboard value lp, the activist hedge fund that had pressured macys inc to separate its real estate from its retail business, has sold its stake in. Starboard said to have sold macys stake report thestreet. Starboard gets impatient with macys after investing too. The activist investor jeffrey smith, the chief investment officer of the hedge fund starboard value, announced his funds latest investment. Activist investor starboard value has sent a shareholder letter to macy s requesting that the department store better utilize its real estate properties. Out of patience, starboard value exits macys retail dive. Starboard value lp is a new yorkbased investment adviser with a focused and fundamental approach to investing in publicly traded u. Although macy s isnt the real estate company that, say, hudsons bay co. The value of macy s real estate was discussed previously. Starboard values plan for macys doesnt create value. Participants should create a powerpoint presentation with fewer than 20 slides outlining an actionable investment idea that meets starboard value. As you know, starboard value lp, together with its affiliates starboard, is a large shareholder of macy s inc. Starboard urges macys to strike realestate deals reuters.
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