Hedge Fund and Insider Trading News: Jeff Smith, Lazard Asset Management, Legion Partners Asset Management, Case Fonder, OGE Energy Corp. (OGE), Twilio Inc. (TWLO), and More

Jeff Smith is Stepping Down as Papa Johns Chairman (RestaurantBusinessOnline.com)
Jeff Smith is stepping down as chairman of Papa Johns and is being replaced by longtime director Christopher Coleman, the company said on Wednesday. The Louisville, Ky.-based quick-service pizza delivery chain also said it is buying out most of the shares Smith’s Starboard Capital still owns. Papa Johns said it would buy nearly 2.2 million shares from Starboard at $82.52 per share, or nearly $180 million.

Cybersecurity Firm OneSpan Explores Sale – Sources (Reuters)
OneSpan Inc, a U.S. cybersecurity tools vendor that has become the target of activist hedge funds such as Legion Partners Asset Management, is exploring options that include a sale of the company, people familiar with the matter said. OneSpan is working with investment bank Evercore Inc on a sale process that could attract interest from other companies and private equity firms, the sources said, requesting anonymity because the discussions are confidential.

Lazard Says TSMC Is a Top Stock After Buffett Abruptly Dumped It (Bloomberg)
Lazard Asset Management said it’s been scooping up shares of Taiwan Semiconductor Manufacturing Co., the chipmaker that Warren Buffett’s Berkshire Hathaway Inc. abruptly unloaded last month without explanation. Berkshire’s reversal on TSMC was an uncharacteristic move for the world’s most famous buy-and-hold investor. The Omaha, Nebraska-based conglomerate revealed on Feb. 15 that it had slashed its stake by 86%, sending the company’s shares tumbling as investors tried to figure out why.

Rawpixel.com/Shutterstock.com

The Hedgefond Under Case Fonder’s Umbrella (Hedge Nordic)
Stockholm (HedgeNordic) – Stockholm-headquartered Case Fonder opted to diversify and expand its asset management operations with the acquisition of Celina’s fund operations (formerly known as Catella). The integration of Celina’s funds and hedge funds under the umbrella of Case Fonder is in full effect, with each fund making its place in the Case product range. Case Hedgefond, once a €1.4 billion Catella-branded low-risk multi-strategy hedge fund, is also undergoing an adaptation and restructuring process.

Hedge Funds Positive in January (Hedge Week)
Hedge funds got the year started on an upbeat note, with over three quarters of all funds (78.2%) administered by Citco delivering positive returns in January. Overall, funds achieved a weighted average return of 3.6%. All types of strategies saw positive performance, apart from Commodities, with a -0.3% decline. Event Driven funds performed best at 6.7%, followed closely by Multi Strategy at 4.4%, Equities at 3.6% and Fixed Income Arbitrage at 3.3%.