August 26, 2009

Tag-Along Activists

Recently, IR Magazine ran this article about tag-along activists, which features a study by Glenn Curtis of Thomson Reuters. Glenn looked at recent campaigns and the buying activity around the time they were launched. Target companies studied were Biogen, Yahoo, Motorola, Target, Wendy’s and TD Ameritrade. Curtis’ advice is to always communicate with activists – and their tag alongs. “If nothing else, it gives an IRO a feel for where the campaign is heading.”

The study notes these lead activists and possible tag alongs:

– Barington Capital – Benchmark, Clinton, DB Zwirn, Ramius
– Carl Icahn -TIAA-Cref, Highfields Capital, JANA Partners, SAC, Sandell
– The Children’s Investment Fund – 3G, Atticus
– JANA Partners – SAC, Third Point
– Pershing Square – Greenlight Capital, Third Point
– Pirate Capital – Steel Partners
– Sandell – JANA Partners
– Third Point – David Knott, Jason Aryeh, JPMorgan Ventures
– Trian – Pershing Square

Thanks to Jim McRitchie and his for pointing this article and study out!