Three Activists in the News (and Their Targets)

Activist investors are busy at work, trying to drive up value for their targeted investments. We've briefly highlighted a few that made it into the news recently.

Caligan Partners recently revealed a nearly 10% share of Anika Therapeutics, Inc. (Anika develops, manufactures and commercializes therapeutic products for the purpose of tissue protection, healing and repair.) Caligan believes that Anika's share price is "significatly undervalued and represent a compelling investment opportunity." Caligan have nominated two director candidates to Anika's board and hope to move the needle for the company. Anika's peaked its share price in 2019 at $75.72. On March 6, they closed at $26.03. Undervalued indeed. Source: US News

Meanwhile, the struggle for control marches on over at Disney. Activist investors Nelson Peltz and Trian Group believe they can "Restore the Magic" at the Walt Disney Company. They have quite a few ideas which they have conveniently outlined for review in their recently-released white paper. Bob Iger and the Disney folks have rebuffed the Trian Group's commentary, claiming the the Magic has not been lost, and went on to announce an animated sequel to Moana and a significant $1.5 billion partnership with Epic Games. While Trian is not the only activist attempting to breach the wall around Disney, they are definitely the most...well, active. Source: InsidetheMagic.net

Another busy activist at work in the market is PW Partners, who have recently increased their stake in BJ'S Restaurants. BJ's is a California-headquartered, American restaurant chain which operates under the names BJ's Restaurant & Brewery, BJ's Restaurant & Brewhouse, BJ's Grill, and BJ's Pizza & Grill. While owning just over 5% of the restaurant chain, PW Partners has nominated two directors, called for a $100 million share buyback, and a reduction to cost structure, among other things. Source: MarketWatch

We'll be watching the news for more developments on these stories. Be sure to subscribe to our blog so you can get all your Event-Driven news in one place.

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