13D Monitor newsletter signal
Trading StrategiesLong
13D Monitor / Activist Insight signals
Source: Worth
13F holdings 45-day lag
Filing MechanicsMulti
13F quarterly + 45-day reporting lag
Source: encyclopedia
5-day filing deadline post-Feb-2024
Filing MechanicsMulti
SEC reduced 13D deadline 10d -> 5 business days
Source: RyanO
7% abnormal return at 13D
ReturnsMulti
Brav et al ~7% CAR around 13D filing
Source: Harvard
Activist HOLDR ETF
Trading StrategiesLong
Activist Stocks ETF (closed)
Source: encyclopedia
Activist short-selling Hindenburg
TrendsShort
Activist short-sellers (Hindenburg Muddy Waters)
Source: encyclopedia
Advance-notice 90/120 days
DefensesMulti
Standard advance-notice windows
Source: encyclopedia
Advance-notice bylaws
DefensesMulti
Strict deadlines for nominations
Source: encyclopedia
Allergan-Valeant 2014
Famous CasesMulti
Ackman + Valeant joint Allergan attempt
Source: encyclopedia
Apple Icahn 2013-2014
Famous CasesLong
Icahn pushed AAPL for $150B buyback
Source: Study
Bill Ackman Pershing Square
Famous ActivistsMulti
Pershing Square - activist hedge fund
Source: Candor
Board declassification
DemandsMulti
Declassify staggered boards
Source: RyanO
Buy after 13D filing
Trading StrategiesLong
Buy after 13D filed for run-up
Source: encyclopedia
CEO replacement
DemandsMulti
Push out underperforming CEO
Source: encyclopedia
CVR Energy Icahn 2012
Famous CasesLong
Icahn 82% control of CVR Energy
Source: SEC
Canadian Pacific Ackman 2012
Famous CasesLong
Ackman CP Rail $1.45B profit
Source: StreetFins
Capital return buyback dividend
DemandsMulti
Demand buybacks / special dividends
Source: encyclopedia
Capital structure low reaction
ReturnsMulti
Buyback / dividend campaigns lower CAR
Source: Harvard
Capital structure recap
DemandsMulti
Recap with debt-funded buyback
Source: encyclopedia
Carl Icahn IEP
Famous ActivistsMulti
Icahn 1978-present TWA Yahoo Apple Netflix
Source: Study
Cash-settled derivative disclosure
Filing MechanicsMulti
Item 6 revised to clarify CFD/swap disclosure
Source: RyanO
Cevian Capital Europe
Famous ActivistsMulti
Cevian European activist
Source: encyclopedia
Co-invest with announced activist
Trading StrategiesLong
Buy alongside announced campaign
Source: encyclopedia
Coalition with passive index funds
TacticsMulti
Win BlackRock Vanguard SSGA support
Source: encyclopedia
Coalition with proxy advisors
TacticsMulti
Win ISS Glass Lewis recommendations
Source: encyclopedia
Constructivist private engagement
TrendsMulti
Private constructive engagement growing
Source: Candor
Cost cutting margin expansion
DemandsMulti
Push cost-cutting + margin improvement
Source: encyclopedia
Crown-jewel sale
DefensesMulti
Sell most-attractive asset to deter
Source: encyclopedia
Daniel Loeb Third Point
Famous ActivistsMulti
Third Point Daniel Loeb
Source: Candor
Debt restructuring
DemandsMulti
Refinance / restructure debt
Source: encyclopedia
Disney Peltz 2024
Famous CasesLong failed
Peltz proxy fight at DIS lost 2024
Source: encyclopedia
Divestiture asset sale
DemandsMulti
Sell non-core assets
Source: encyclopedia
DuPont Peltz 2015
Famous CasesLong failed
Trian DuPont lost narrow vote
Source: encyclopedia
Dual-class voting structure
DefensesMulti
Founder retains voting control
Source: encyclopedia
ESG activism proxy
TrendsMulti
ESG-focused proxy activism
Source: encyclopedia
Effissimo Japan
Famous ActivistsMulti
Effissimo Capital Japan activism
Source: encyclopedia
Eliminate dual-class shares
DemandsMulti
One-share-one-vote campaigns
Source: encyclopedia
Eliminate poison pill
DemandsMulti
Push to eliminate shareholder rights plan
Source: encyclopedia
Elliott Mgmt Paul Singer
Famous ActivistsMulti
Elliott Mgmt Paul Singer + Jesse Cohn
Source: Candor
Engaged Capital
Famous ActivistsMulti
Engaged Capital small-mid cap activist
Source: encyclopedia
Engine No 1 ESG activist
Famous ActivistsMulti
Engine No 1 won 3 ExxonMobil board seats 2021
Source: encyclopedia
ExxonMobil Engine No 1 2021
Famous CasesLong
Engine No 1 3/12 board seats at XOM
Source: encyclopedia
Form 4 insider transactions
Filing MechanicsMulti
Form 4 next-day insider transactions
Source: encyclopedia
Greenlight Capital Einhorn
Famous ActivistsMulti
Greenlight occasional activism
Source: encyclopedia
Greenmail buyback (banned-ish)
DefensesMulti
Buy out activist at premium (taxed punitively)
Source: Candor
Greenwood-Schor takeover concentration
ReturnsMulti
Returns concentrated in takeover-leading campaigns
Source: Harvard
Group filing rules amplified
Filing MechanicsMulti
Group beneficial ownership aggregation rules
Source: encyclopedia
Hart-Scott-Rodino premerger
Filing MechanicsMulti
HSR notification at deal sizes
Source: encyclopedia
Herbalife Ackman vs Icahn
Famous CasesMulti
Ackman short vs Icahn long $1B+ battle
Source: StreetFins
Improve disclosure ESG
DemandsMulti
Push for ESG / climate disclosure
Source: encyclopedia
Independent chair
DemandsMulti
Separate CEO + Chair roles
Source: encyclopedia
JANA Partners
Famous ActivistsMulti
JANA Partners activist
Source: encyclopedia
JCPenney Ackman 2010-2013
Famous CasesLong failed
Ackman JCP campaign $500M loss
Source: encyclopedia
Just-Vote-No campaign
TacticsMulti
Just-Vote-No against named directors
Source: encyclopedia
Land & Buildings
Famous ActivistsMulti
Land & Buildings RE-focused activist
Source: encyclopedia
Lead independent director
DemandsMulti
Lead-independent-director if combined
Source: encyclopedia
Litigation against activist
DefensesMulti
Sue activist for various claims
Source: encyclopedia
Majority voting standard
DemandsMulti
Replace plurality with majority voting
Source: RyanO
Mid-cap target shift
TrendsMulti
Activists target mid-cap more vs mega-cap saturation
Source: encyclopedia
Motorola Mobility Icahn
Famous CasesLong
Icahn helped force MMI sale to Google
Source: SEC
Netflix Icahn 2013
Famous CasesLong
Icahn pushed NFLX for sale
Source: Study
No reversal in following year
ReturnsMulti
Activist returns persist 1 year
Source: Harvard
No-action proposal exclusion
DefensesMulti
Issuer requests SEC no-action to exclude
Source: encyclopedia
Oasis Mgmt Asia
Famous ActivistsMulti
Oasis Mgmt Asia-focused activist
Source: encyclopedia
P&G Peltz 2017
Famous CasesLong
Trian P&G largest proxy fight ever
Source: Candor
Pac-Man defense
DefensesMulti
Counter-tender for activist's company
Source: encyclopedia
Poison pill rights plan
DefensesMulti
Shareholder-rights plan defense
Source: encyclopedia
Proxy fight board seats
TacticsMulti
Proxy contest for board representation
Source: RyanO
Public open letter to board
TacticsMulti
Public letter to board outlining campaign
Source: CFA
Sale of company auction
DemandsLong takeover
Demand strategic alternatives - sale
Source: Harvard
Sale-targeted highest CAR
ReturnsMulti
Sale of company campaigns highest CARs
Source: Harvard
Salesforce Elliott 2023
Famous CasesLong
Elliott CRM activism cost cuts
Source: encyclopedia
Schedule 13D >5% activist intent
Filing MechanicsMulti
13D filing required >5% with activist intent
Source: RyanO
Schedule 13G passive >5%
Filing MechanicsMulti
13G - passive holding no influence intent
Source: RyanO
Settlement agreement avoid fight
TacticsMulti
Reach settlement before vote (board seats etc)
Source: Worth
Share-turnover spike at filing
ReturnsMulti
Trading volume spikes at 13D filing
Source: Harvard
Short defended target
Trading StrategiesShort
Short stalemate / defeated activist target
Source: encyclopedia
Sotheby's Loeb 2013
Famous CasesLong
Loeb Sotheby's board seats
Source: encyclopedia
Spinoff non-core asset
DemandsMulti
Spin off underperforming division
Source: encyclopedia
Spinoff/refocus next highest
ReturnsMulti
Strategic refocus 2nd highest CAR
Source: Harvard
Staggered board
DefensesMulti
Classified board makes activist's job harder
Source: encyclopedia
Standstill agreement
TacticsMulti
Standstill caps activist position + activity
Source: encyclopedia
Starboard Value Jeff Smith
Famous ActivistsMulti
Starboard 16 proxy fights 2025
Source: Harvard
Stock-based compensation reform
DemandsMulti
Reform exec comp metrics
Source: encyclopedia
Strategic review committee
DemandsMulti
Demand strategic review by board committee
Source: encyclopedia
Supermajority voting
DefensesMulti
Supermajority for charter changes
Source: encyclopedia
Tender offer to take control
TacticsMulti
Tender offer for shares to gain control
Source: SEC
Trian Partners Nelson Peltz
Famous ActivistsMulti
Trian Nelson Peltz P&G campaign
Source: Candor
Twitter Elliott 2020
Famous CasesLong
Elliott TWTR Dorsey defended
Source: encyclopedia
Universal proxy card
TrendsMulti
UPC since 2022 - one card all nominees
Source: encyclopedia
Valeant Ackman 2014-2016
Famous CasesLong failed
Pershing-Valeant $4B loss
Source: encyclopedia
ValueAct Capital
Famous ActivistsMulti
ValueAct constructive activist
Source: Candor
Vote No on say-on-pay
TacticsMulti
Say-on-pay vote against excessive comp
Source: encyclopedia
WhaleWisdom 13F tracking
Trading StrategiesLong
Track activist top picks via 13F
Source: encyclopedia
White paper detailed thesis
TacticsMulti
Detailed white paper outlining thesis
Source: encyclopedia
White-knight rescue
DefensesMulti
Friendly third-party bidder
Source: encyclopedia
White-squire passive partner
DefensesMulti
Friendly large passive holder
Source: encyclopedia
Withhold-vote campaign
TacticsMulti
Vote against / withhold from incumbent directors
Source: encyclopedia
Wolf-pack coordination
Filing MechanicsMulti
Multiple activists coordinate without 13D group
Source: Candor
Yahoo Loeb 2012
Famous CasesLong
Loeb forced CEO change at YHOO
Source: encyclopedia
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