TORONTO — Agrium Inc won another ringing endorsement just ahead of a crucial shareholder vote after influential advisory firm Glass Lewis on Tuesday advised its clients to back all 12 of Agrium’s board nominees over a slate nominated by dissident investor Jana Partners.
The recommendation from the well-regarded advisory firm is a big boost for Agrium ahead of a shareholder vote on April 9 and follows similar recommendations from smaller firms like U.S.-based Egan-Jones and UK-based Pensions Investment Research Consultants.
Remember when U.S. hedge fund manager Bill Ackman railed against the cozy corporate culture of the Canadian establishment during his bruising proxy battle to unseat the blue-chip board at Canadian Pacific Ltd. last year?
Recall his lament of how difficult it was to recruit candidates to join his activist campaign because folks were unwilling to “stick their necks out” when his New York-based firm Pershing Square Capital Management LP launched an assault to force the ouster of Fred Green, chief executive of one of this country’s most venerable and underperforming companies.
Shareholder activism is likely to gather momentum in the Canadian energy industry in the coming months, sparked by some poor stock performance, the success of past campaigns and growing support from large institutional investors.
Money managers, as well as the proxy firms that help activists and targeted companies navigate these battles, say that a stronger economy has also given activists the financial firepower they need to buy the large corporate stakes required to push for control.
TORONTO — The Canada Pension Plan Investment Board, one of the world’s largest pension funds, said it has voted to support Agrium Inc’s board nominees ahead of a shareholder meeting next week, in a blow to activist investor Jana Partners.
The Canadian fertilizer maker and farm products retailer Agrium has been locked in a war of words for months with activist investor Jana Partners LLC, a New York-based hedge fund.
By Takeover Analyst:In previous articles, I have expressed my bullish outlook on the rail industry. In this one, I argued, frankly, that "railroad stocks are heading skyward". Satiating my interest in railroads with my background in proxy fights, it is interesting to watch the battle going on at Canadian Pacific (CP).
TORONTO — Sherritt International Corp. won a convincing victory in its proxy battle with George Armoyan on Tuesday, but the activist investor insists he is not selling his shares and going away.
Mr. Armoyan earned a round of applause at Sherritt’s annual meeting in Toronto after stating that the company has good potential and is making progress in realizing shareholder value. It was a subdued speech by his standards that cast aside the bad blood from the proxy fight.
Don’t tell Christine Carson, Penny Rice and Suzanne Makhan that the market for providing shareholder services is already too crowded.
The three are co-founders of ShoreCrest Group, the newest entrant providing a mixed bag of activities including proxy battles, regular annual meeting solicitations and acting as an escrow agent involving the payment of cash or securities upon some pre-determined event. All have worked in that business, often together, for 20 years.
Bill Ackman has six minutes.
That’s the length of his break during a meeting of the Canadian Pacific Railway Ltd. board in Calgary Thursday morning, which he’s come from New York to attend. The billionaire activist investor and founder of the Pershing Square Capital Management hedge fund is having a busy week.
NEW YORK — J.C. Penney’s largest investor and former board member, William Ackman of Pershing Square Capital Management, is selling his nearly 18% stake in the company.
The move to sell 39.1 million shares of the company, announced in a regulatory filing late Monday afternoon, comes two weeks after Ackman resigned from J.C. Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.