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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. Create a free account to start following hedge funds 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 any positions in BWFG, but may potentially purchase shares pending further analysis and market conditions.
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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. Create a free account to start following hedge funds 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 any positions in MSG, but may potentially purchase shares pending further analysis and market conditions.
The very aggressive activist investor Paul Singer is one of our favorite investors. Bloomberg does a great overview of his career:
Today Altai Capital sent a letter to the board Amber Road (NYSE: AMBR) in which, among other things, Altai expressed its loss of faith in AMBR's Board and management’s commitment to protect shareholder interests and maximize value given AMBR's poor performance, repeated growth projection misses, and unwillingness to engage with E2open which wanted to acquire AMBR at what remains a premium to AMBR’s trading price. Further, the Altai demanded that the Board form an independent committee and engage financial advisors immediately in order to sell AMBR. Altai concluded the Letter to the Board with a commitment to take action, including nominating independent directors to the Board if necessary, if the Board refuses to pursue a strategic review. You can find the full letter here. Subscribers of 13D Alerts received an email alert when this letter was filed with the SEC along with the 13D filing. Create a free account to start following hedge funds 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 any positions in AMBR, but may potentially purchase shares pending further analysis and market conditions. Alcentra Capital Corporation Adopts Share Repurchase PlanAlcentra Capital Corporation (NASDAQ: ABDC), a provider of debt financing solutions to middle-market companies, announced today that the Company has adopted a share repurchasing program. This action comes after nearly a year of pressure from 13D filer Stilwell Value, an activist fund. ABDC closed trading today at $6.61 per share, below the $7-$8 price range Stilwell began buying back in fall of 2017 (see original 13D filing price tables). Stilwell has been on a mission to get the company to narrow the discount to NAV that the company is trading at (as of the last 10Q, ABDC's NAV per share was ~$11 per share). Stilwell stated in their last ABDC 13D/A: "We hope to work with the Issuer to reduce its share price discount to net asset value. We informed management at a meeting on January 5, 2018, and reiterated several times throughout the year, that if the Issuer does not repurchase 10% of its shares in 2018, we will aggressively seek board representation." 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 any positions in ABDC, but may potentially purchase shares pending further analysis and market conditions. Engaged Capital Pushes the Restaurant Group to explore strategic alternativesToday activist fund Engaged Capital filed a 13D disclosing an approximately 9.99% stake in Del Frisco's Restaurant Group (NASDAQ: DFRG). Engaged also included a letter to the Del Frisco's board in its filing. Highlights from the letter below: "
The letter includes further analysis and peer comparisons highlighting Del Frisco's under performance. You can view the full letter here. Del Frisco's stock price was up 16.5% on the this news. 13D Alerts subscribers received an alert this morning before market open for this filing. Create a free account to start following hedge funds 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 any positions in DFRG, but may potentially purchase shares pending further analysis and market conditions. |
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