5 Recent Activist Investor Campaigns

In this article we present the list of 5 recent activist investor campaigns. Click to skip ahead and see the 15 Recent Activist Investor Campaigns.

5. Stadium Capital Management at Sleep Number Corporation (NASDAQ:SNBR)

Activist Campaign: September 2023

Sleep Number, a company that offers sleep solutions and services in the United States, is also the subject of activist campaigns over deteriorating performance. Stadium Capital, which owns a 9% stake in the company, is calling for board changes to address suspect governance and questionable transformation strategy.

The hedge fund sees the changes as one of the ways of unlocking future shareholder returns. It claims that current board members have been part of questionable deals and decisions over the years. It maintains that changes to the board composition are the only way to drive improvements in governance capital allocation and other operations.

4. Galloway Capital Partners at Imperial Petroleum Inc. (NASDAQ:IMPP)

Activist Campaign: September 2023

Galloway Capital Partners, which holds a 2.3% stake in the petroleum shipping company, has engineered an activist campaign. In a letter, the hedge fund says it is baffled by the timing of a $17 million unit offering priced at $2 a share on August 11. The offering came despite Imperial Petroleum having zero debt and $100 million in cash.

The hedge fund has since reiterated that the funding round only diluted shareholders’ holdings. It has since proposed that the company repurchase recently issued shares to avert the risk of further dilution.

Galloway is also urging the company to consider other strategic options that have the potential to unlock shareholder value. The activist campaign comes on the company’s stock losing nearly half of its value year to date.

3. Artisan Partners Asset Management at Danone S.A. (NYSE:DANOY) 

Activist Campaign: September 2023

Artisan Partners Asset Management first invested in French food giant Danone S.A. (NYSE:DANOY) in 2021. It has since bought additional shares in the company, accumulating a stake of 7%. Now it appears the asset management firm is not impressed by its performance over the past few years and is ready to wage an activist campaign to unlock value.

Artisan’s Value team David Samra has already hinted at the possibility of management changes at the senior levels. Management changes are one of the strategies that most activist investors often turn to. A push to change the top management hierarchy comes on the food giant stock underperforming, declining by 13% over the past two years.

2. Caligan Partners at Anika Therapeutics, Inc. (NASDAQ:ANIK)

Activist Campaign: September 2023

Caligan Partners has increased its stake in orthopedic-focused pharmaceutical Anika Therapeutics, Inc. (NASDAQ:ANIK) to 7.4% by acquiring an additional $179,274 shares. Following the acquisition, the hedge fund now holds substantial stakes to push for policy changes that enhance shareholder value.

The hedge fund has already entered a cooperation agreement with Anika Therapeutics, Inc. (NASDAQ:ANIK) to increase the pharmaceutical company board to eight from seven. The agreement also compels the company to initiate a $20 million stock repurchase authorization with $5 million earmarked for April.

1. Goldenwise Capital Group at GEE Group Inc. (NYSE:JOB)

Activist Campaign: September 2023.

Gee Group is the latest activist target, instigated by Chinese hedge fund manager Haakon Ding, founder of Goldenwise Capital Group. It is the first activist campaign by a Chinese manager on a US-listed firm, following acquiring a 5% stake in the company.

Goldenwise Capital Group is pushing for a potential sale of the human resource firm to unlock value. The activist investor targeted Gee Group because of its solid cash flow. He insists the company needs to put to good use the cash at hand and pursue strategic alternatives to boost shareholder value rather than pursuing acquisitions and expansions. The hedge fund is also pushing for share buybacks and changes to the board.

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