Billionaire Lasry to Sell Bucks Stake, Valuing NBA Team at $3.5 Billion (Bloomberg)
Billionaire investor Marc Lasry has reached a deal to sell his stake in the Milwaukee Bucks to Jimmy and Dee Haslam, owners of the National Football League’s Cleveland Browns, according to a person familiar with the matter. The sale of Lasry’s 25% stake, which is still pending approval by the National Basketball Association and its owners, values the team at about $3.5 billion, said the person, asking not to be identified because discussions are private.
Late Oil Tycoon T. Boone Pickens’ Massive Texas Ranch Just Sold for Around $60 Million Less Than its Listed Price — Take a Look Inside (Business Insider)
In 2017, the late oil magnate listed his ranch in the Texas Panhandle, northeast of Amarillo, for a whopping $250 million. Five years later, the estate was sold — but for $60 million less than its listed price. Pickens, a famous oil prospector, hedge-fund founder, and philanthropist, died on September 11, 2019, aged 91. Pickens made his fortune as the founder of oil and gas company Mesa Petroleum and the hedge fund BP Capital Management.
Hedge Fund Point72 Hires Robinhood Crypto Expert in Digital Assets Push (Financial News)
Hedge fund Point72 has hired Lionel Sukhram as a digital assets senior professional to expand its crypto team. Sukhram joins Point72 after spending nearly a year at Robinhood where he was a crypto operations senior specialist. He spent the majority of his prior career in banking, working as a director within Morgan Stanley’s office of business management unit between July 2020 and November 2021. He also had a six-year stint at Goldman Sachs, where he started as an information technology solutions manager in July 2014 before becoming a senior operations associate in March 2016.
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Bath & Body Works Backs Board in Potential Proxy Battle (The Wall Street Journal)
Bath & Body Works Inc. (BBWI) -1.06% decrease; red down pointing triangle backed the makeup of its refreshed board and rejected naming one of Dan Loeb’s protégés as a director ahead of a potential proxy fight with the hedge-fund manager’s Third Point LLC. The retailer on Monday said in a letter to shareholders that the looming proxy battle is based on misguided motivations and would be detrimental to shareholders. It added that it has taken “all reasonable steps to avoid a costly and distracting proxy contest” from Mr. Loeb, who said last week that his firm plans to nominate a candidate to the company’s board.
Standard General to Press on with Tegna Purchase Despite FCC Action (Reuters)
Hedge fund Standard General sharply criticized the U.S. Federal Communications Commission’s (FCC) decision to hold hearings on its $5.4 billion plan to buy television station operator Tegna (TGNA.N), saying on Monday it was “tantamount to denying” the deal. The FCC, which regulates telecommunications, said on Friday it would hold a hearing on the planned acquisition of Tegna, which manages 64 stations in 51 U.S. markets. Lengthy hearings have historically led deals to collapse.
Union Pacific CEO Steps Down Amid Hedge Fund Pressure (StraightArrowNews.com)
The CEO of Union Pacific Railroad, Lance Fritz, announced Sunday that he will be stepping down from the position. A U.S. hedge fund, that owns about a $1.6 billion stake in the company, had called for the change in leadership earlier that day. The hedge fund cited the railroad company’s need for safer operations and faster transportation. The stock market apparently agrees with the change at the top. Shares of Union Pacific surged nearly 10% in early trade Monday. That is on course for its biggest rise since March of 2020. It’s a bounce back that was needed. Union Pacific shares have dropped more than 25% over the past 10 months. U.S. hedge fund Soroban Capital Partners called for Fritz to resign. It’s a showing of strong influence company-investors have in a company’s operations.
Millennium Hires Veteran Metal Traders for Commodities Expansion (Bloomberg)
Hedge fund firm Millennium Management has hired two veteran metal traders in Singapore to manage a new portfolio focused on commodities, according to people familiar with the matter, expanding its exposure to the volatile sector. Ex-Trafigura metal derivatives trader Nicholas Hanley and Saurabh Sharma, a former portfolio manager at diversified trading firm DRW, have joined the firm, the people said, requesting not to be named because the matter is private.
Irenic Capital Urges Theravance to Conduct Review, Add Shareholder to Board (Reuters)
Activist investor Irenic Capital Management is urging Theravance Biopharma Inc (TBPH.O) to initiate a review of strategic alternatives, including a full sale, and to add a shareholder to its board, according to a letter seen by Reuters. Irenic owns a 4.2% stake in the biotechnology company and has criticized its lagging valuation and stock-based compensation to Chief Executive Rick Winningham, who is also board chair.
Monday 2/27 Insider Buying Report: VPG, CRL (Nasdaq.com)
On Thursday, Vishay Precision Group’s Director, Wes Cummins, made a $666,750 purchase of VPG, buying 15,000 shares at a cost of $44.45 a piece. Vishay Precision Group is trading up about 0.4% on the day Monday. Before this latest buy, Cummins purchased VPG at 9 other times during the past twelve months, for a total cost of $6.95M at an average of $36.25 per share. And at Charles River Laboratories International, there was insider buying on Thursday, by Director Richard F. Wallman who bought 1,750 shares for a cost of $220.73 each, for a total investment of $386,278. Before this latest buy, Wallman made one other purchase in the past year, buying $328,350 shares at a cost of $218.90 a piece. Charles River Laboratories International is trading up about 1.9% on the day Monday. Wallman was up about 3.5% on the purchase at the high point of today’s trading session, with CRL trading as high as $228.51 in trading on Monday.
$7M Bet On This Healthcare Stock? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
Spruce Biosciences: The Trade: Spruce Biosciences Inc (SPRB) 10% owner Novo Holdings AS bought a total of 2,208,000 shares at an average price of $3.17. To acquire these shares, it cost around $7 million. Dakota Gold: The Trade: Dakota Gold Corp (DC) Director Alice D Schroeder acquired a total 20,044 shares at an average price of $2.96. The insider spent around $59.33 thousand to buy those shares.
