Following up last week's 13D filing on Green Dot, Starboard Value and its affiliates have taken a 7.5% stake in medical solutions company MEDNAX, Inc.(NYSE: MD). 

Starboard included the following language in the "Purpose of Transaction" section of the 13D filing:

"The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity."

According to the 13D filing, Starboard's average purchase price thus far has been ~$25.25 per share. Sign up to get free 13D Filing alerts, new filter options available. 
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Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article does not at the time of writing have a position in MD, but may potentially purchase or dispose of shares pending further analysis and market conditions. 

Today Pershing Square Capital Management filed an amended 13D disclosing:

“On February 6, 2020 and February 7, 2020, the Reporting Persons on behalf of the Pershing Square Funds sold Common Stock for portfolio management purposes in open market transactions.”

Link to the filing here. 

Activist target Forescout Technologies (NASDAQ: FSCT) shot up 20% on Thursday following news that it entered into an agreement with private equity firm Advent International to be acquired for $33.00 per share.

On October 21, 2019 activist hedge fund Corvex Management run by Carl Icahn protégé Keith Meister filed a 13D Filing disclosing a 7.2% stake in the FSCT. Corvex invested alongside Jericho Capital. Based on the initial 13D filing, Corvex’s average purchase price for FSCT was ~$30.13 per share. 

On the day of the public filing FSCT closed at $28.70. On Feb 6, 2020, the day of the acquisition announcement the stock shot up and closed at $33.28 per share – an annualized increase of 54%. You can sign up here to receive email alerts as soon as 13D filings are made.

Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article previously had a position in FSCT, but at the time of writing is message no longer holds any positions in FSCT. The writer may or may not potentially purchase shares pending further analysis and market conditions. 

Starboard Value and its affiliates has taken a 9.3% stake in fin tech company Green Dot Corporation (NASDAQ: GDOT). 

Starboard included the following language in the "Purpose of Transaction" section of the 13D filing:

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. 

According to the 13D filing, Starboard's average purchase price thus far has been ~$26.4 per share. 


Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article does not at the time of writing have a position in GDOT, but may potentially purchase or dispose of shares pending further analysis and market conditions. 

180 Degree Capital has taken a 6% stake in sandwich chain Potbelly Corporation (NASDAQ: PBPB). 

According to its website, 180 Degree is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what it believes are substantially undervalued small, publicly traded companies that have potential for significant turnarounds.

In the filing 180 Degree included general 13D language in the "Purpose of transaction". 

According to the 13D filing, 180 Degree's recent transactions in PBPB were in the $3.96 to $4.32 per share range since December 2019. Shares closed today at $4.12 per share. 


Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article does not at the time of writing have a position in PBPB, but may potentially purchase or dispose of shares pending further analysis and market conditions. 

Joseph Stilwell and his affiliates have taken a 5% stake in Garrison Capital Inc. (NASDAQ: GARS), a BDC that invests primarily in the debt and equity of middle-market companies. 

Stilwell who is known for investing in small banks and financial institution, made his filing shortly after Corbin Capital Partners filed its own 13D filing disclosing a 7.7% stake in GARS. In November 2019, GARS announced that it had hired financial advisers to explore strategic alternatives. 

Stilwell recently had success in 2019 with Alcentra Capital, after the firm eventually agreed to sell it self to Crescent Capital. 

According to the filing, Stilwell's transactions in GARS were in the $5.953 to $6.205 range earlier this month. Shares closed yesterday at $6.32. 


Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article does not at the time of writing have a position in GARS, but may potentially purchase or dispose of shares pending further analysis and market conditions. 

Snap shot of the executive summary below. See this link for the full deck.

Activist J. Carlo Cannell has taken a 7.3% stake in Hudson Global Inc. (NASDAQ: HSON) the provider of recruitment process outsourcing and managed services. The company seems to have an attractive value proposition, with a market cap of ~$45m, a cash balance of $39mm and no debt (see exhibit A below from HSON recent investor presentation).
 
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13D Filing Purpose of transaction:

"Cannell Capital LLC, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each of the Investment Vehicle's investment criteria. The Investment Vehicles acquired and continue to hold the Shares as a long-term investment. 

CC reserves the right to discuss various views and opinions with respect to the Company and its business plans with the Company or the members of its senior management. The discussion of such views and opinions may extend from ordinary day-to-day business operations to matters such as nominees for representation on the Company’s board of directors, senior management decisions and extraordinary business transactions. Mr. Cannell reserves the right to take such action as he may deem necessary from time to time to seek to maximize the value of the Shares. Such actions may include, but may not necessarily be limited to, pursuit of strategic initiatives to enhance shareholder value. 

CC may engage in any of the actions specified in Items 4(a) through 4(j) to the Schedule 13D general instructions. 

Except as set forth above, CC has no present plans or proposals that relate to or would result in any of the transactions described in Item 4 of Schedule 13D."

Cannell's purchases were in the $1.43-$1.51 per share range.

The writer DOES at the timing of writing this post have a long position in HSON- the position was taken today after the 13D filing was made. Depending on further research and market conditions the writer may dispose of or acquire more shares in the HSON.

Today, Lawrence Seidman, the activist investor who in the past has been characterized as Mr. Potter from It's a Wonderful Life (see this old Forbes article for some background on Mr. Seidman) has increased his stake in Bankwell Financial Group (NASDAQ: BWFG) to 7.29% of the community bank.

Seidman's first 13D filing in BWFG was made earlier this month on Dec 13, 2018, with the below Purpose of transaction: "​The Reporting Persons originally purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity." 

Siedman also stated that he had several conversations and meetings with company management. Subsequent to this first 13D filing, on Dec 19th BWFG announced a 400,000 share buyback program. 

The current stock price of ~$28.65 (mid-day) is just slightly above Siedman's average purchase price (based on latest 13D filing) of $28.15.

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Today private equity firm Silver Lake Partners (and its affiliates) filed a 13D disclosing an increased beneficial ownership in The Madison Square Garden Company (NYSE: MSG). 

Silver Lake's first 13D filing disclosing ownership in MSG was made earlier this year in Feb. Based on the SEC filings, Silver Lake's average purchase price has been ~$233 per share.

In the Purpose of Transaction, Silver Lake make reference to MSG's assets being undervalued by the market. Taking a cursory look at MSG's balance sheet looks like there is not too much debt on those hard assets either, if that cursory examination is right this could be an ideal target for a leverage buyout which Silver Lake has experience with. 

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