This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Dive Brief: J.M. Smucker is appointing two independent directors to its board as part of an agreement with activist investor Elliott Investment Management.  The Uncrustables and Folgers coffee maker said Woo-Sung (Bruce) Chung, the CFO at NRG Energy, and former Snyder's-Lance CEO David Singer will join the board on April 15. Elliott said the deal comes following “const ...

Core Insights - Norwegian Cruise Line has appointed John Chidsey as the new CEO amid struggles to compete with rivals like Royal Caribbean and Carnival, leading to a stock drop of over 7% following the announcement [2] - Activist investor Elliott Investment Management, holding over 10% of Norwegian's shares, criticized the board for poor leadership choices and called for changes to improve company performance [2][3] - Elliott's letter highlighted a history of mismanagement, including a previous CEO's tenure that resulted in a 50% decline in share price and a successor whose strategies led to a further 140% underperformance compared to peers [3] Company Performance and Strategy - Norwegian Cruise Line's board is under scrutiny for selecting a CEO without cruise industry experience, raising concerns about the company's future direction [3] - Elliott proposed several changes, including adding board members with relevant experience, reviewing the executive leadership team, and developing a new business plan to enhance performance [6] - Elliott believes there is potential for the stock to reach $56 per share, representing a 159% increase from the recent closing price, with shares having surged 12% on the day following their letter [6]

Feb 17 (Reuters) - Activist investor Jana Partners has built a less than 1% stake in payments company Fiserv, buying 2.2 million shares, according to a ‌filing on Tuesday. Jana is pressing the company to pursue steps to lift its ‌lagging share price, the Wall Street Journal reported earlier on Tuesday, citing people familiar with the matter. Whether the ​activist investor intends to seek board seats at Fiserv could not be determined, the report said. Jana's 13-F filing compares the firm’s holdings as o ...

Core Viewpoint - Norwegian Cruise Line shares experienced an increase following reports of an activist investor acquiring a stake in the company, indicating potential changes aimed at revitalizing the struggling business [1] Company Summary - The involvement of an activist investor suggests a strategic shift may be on the horizon for Norwegian Cruise Line, which has been facing challenges [1]

Core Insights - Bill Holdings is considering a sale following pressure from activist investors for significant changes and improved profitability [1][2] Group 1: Activist Investors and Board Changes - In October, Bill Holdings agreed to add four new directors to its board, including two from activist hedge fund Starboard Value, which holds an 8.5% stake [2] - Elliott Investment Management, another activist investor, acquired at least a 5% stake last year to advocate for changes at Bill [2] - Barington Capital Group urged Bill's directors to cut costs and seek a buyer [2] Group 2: Potential Acquisition - Private equity firm Hellman & Friedman has reportedly held discussions about acquiring Bill [3] - The new board members will influence whether Bill pursues an independent strategy or opts for a sale [3] - A financial investor, likely a private equity firm, is seen as the most probable buyer due to recent interest in financial technology assets [6] Group 3: Company Performance - Bill Holdings serves approximately 498,500 businesses, including 9,500 accounting firms, and processes about 1% of the U.S. GDP annually [5] - The company reported a net loss of $2.6 million for the quarter ending December 31, contrasting with a profit of $33.5 million in the same period of 2024, while revenue increased by 14% to $414.7 million [5] Group 4: Industry Context - Recent acquisitions in the payments sector include AvidXchange's $2.2 billion deal and Melio's $2.5 billion acquisition by Xero, indicating a trend of consolidation in the financial technology space [6][7]

Core Viewpoint - Activist investor Ancora Holdings is opposing Warner Bros. Discovery's (WBD) proposed $72 billion sale of its movie and TV studios and HBO Max streaming service to Netflix, favoring a rival all-cash bid from Paramount Skydance valued at approximately $78 billion [1][2]. Group 1: Ancora Holdings' Position - Ancora Holdings has built a stake in WBD valued at about $200 million and is considering a proxy fight if the board does not negotiate with Paramount over its offer [3]. - Ancora has raised concerns regarding the Netflix deal, labeling it as "uncertain and inferior," and has criticized the planned Discovery Global spinoff that would burden cable-TV networks with around $17 billion in debt [5]. - Ancora has questioned CEO David Zaslav's motivations, suggesting he may favor the Netflix deal to secure an executive role with the streaming company post-transaction [4]. Group 2: Paramount's Offer - Paramount has made a cash offer of $30 per share for WBD, which includes a "ticking fee" of 25 cents per share for each quarter the deal remains unclosed after the end of 2026, potentially amounting to $650 million in cash value for every quarter [12][13]. - The revised offer also includes funding for a $2.8 billion termination fee that WBD would owe Netflix if the deal collapses, as well as eliminating a potential $1.5 billion debt refinancing cost [16]. - Paramount's offer is backed by $43.6 billion in equity commitments and $54 billion in debt commitments from major financial institutions [17]. Group 3: WBD's Response - WBD has received Paramount's amended offer and stated that its board will review it, although it has consistently recommended that shareholders reject Paramount's bid in favor of the Netflix acquisition [18].

Core Viewpoint - Activist investor Ancora Holdings has acquired a stake of approximately $200 million in Warner Bros Discovery and intends to oppose the company's plan to sell its valuable TV and film assets to Netflix [1] Group 1 - Ancora Holdings has built a stake worth around $200 million in Warner Bros Discovery [1] - The investor plans to challenge Warner's proposed deal to sell its TV and film assets to Netflix [1]

Core Viewpoint - The banking sector is increasingly focusing on Holdco Asset Management, an activist hedge fund that is successfully advocating for changes within U.S. banks [1] Group 1: Activist Investor Strategy - Holdco Asset Management is gaining attention for its activist strategy aimed at influencing U.S. banks [1] - The firm is actively pushing for changes, indicating a shift in the dynamics of Wall Street's traditional relationships [1] Group 2: Industry Context - The article highlights the backdrop of finance industry conferences taking place in southeast Florida, where Wall Street executives are gathering [1] - This context suggests a growing interest in the role of activist investors within the banking sector [1]

Core Viewpoint - HoldCo Asset Management has decided to withdraw its threat of proxy contests against KeyCorp and Eastern Bankshares, citing positive changes made by the management teams to enhance shareholder rights and market value [1][2]. Group 1: Changes in Management and Strategy - HoldCo praised the leadership of both banks for making significant changes, contrasting with its previous criticisms regarding shareholder-unfriendly decisions that led to share dilution [2][6]. - KeyCorp's CEO Chris Gorman, previously criticized by HoldCo, is now supported by the firm, which acknowledges his willingness to adapt as a positive trait for the bank's future [8][11]. - Eastern Bankshares has been recognized for reversing a flawed acquisition strategy, which HoldCo believes demonstrates courage and leadership [12]. Group 2: Ongoing Monitoring and Future Actions - Despite withdrawing from proxy contests, HoldCo remains a shareholder and will actively monitor both banks, indicating a readiness to take action if management decisions do not align with shareholder interests [3][8]. - HoldCo has reiterated its belief that Eastern Bankshares should ultimately be sold, with M&T Bank identified as a potential buyer [3][12]. Group 3: Broader Context of Activism - HoldCo's decision follows a period of active engagement with multiple banks, resulting in material changes in their strategies, including four other banks that have made significant adjustments [5][6]. - The firm had previously launched public campaigns against five banks, with some management teams making substantive changes that altered their trajectories [6][7].

Company Overview - Lululemon Athletica is a global company specializing in technical athletic apparel, footwear, and accessories, operating in four regional markets: the Americas, China Mainland, Asia Pacific (APAC), and Europe and the Middle East (EMEA) [1] - The company generates revenue through various channels, including company-operated stores, e-commerce, temporary locations, wholesale, outlets, and a re-commerce program [1] Recent Developments - Elliott Investment Management has taken a position of over $1 billion in Lululemon and is considering Jane Nielsen, former CFO and COO of Ralph Lauren, as a potential CEO candidate [3][7] - Lululemon's revenue has grown from $8 billion in 2023 to $11.9 billion, with significant growth in APAC (33% CAGR) and Europe (22% CAGR) [4] Market Challenges - North America, which accounts for approximately 70% of Lululemon's revenue, has seen growth slow to low single digits and comparable sales decline by 5% in the most recent quarter [4] - The company's share price has dropped from over $500 to below $220, indicating investor concerns about the North American market [4] Strategic Missteps - Since Calvin McDonald became CEO in 2018, Lululemon has faced challenges due to strategic missteps, including a $500 million acquisition of Mirror and the launch of new product lines that have not generated significant shareholder value [5] - The focus on new business lines has distracted management from the core North American market, leading to a decline in brand perception and loss of market share to competitors [5][6] Leadership Transition - The upcoming leadership transition, with McDonald stepping down as CEO effective January 31, 2026, has created an opportunity for Elliott to influence the company's direction [6][7] - Jane Nielsen is seen as a candidate who can bring operational discipline and a focus on core business areas, drawing from her experience at Coach and Ralph Lauren [7] Activist Investor Influence - Elliott's involvement is expected to add urgency to the leadership selection process and provide external credibility to the board's decisions, especially in light of criticism from founder Chip Wilson [8][9] - The firm has a history of successfully influencing company strategies, as seen in its recent campaign at Starbucks, which led to the appointment of a new CEO [9]