PDF《JANUARY 2019》

s Evergreen Coast Capital to be acquired for $5.7bn, or $135 per share

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1 8 R E V I E W O F S H A R E H O L D E R A C T I V I S M Launch Date Company / Market Cap1 Activist Highlights 10/18 ? Citing insufficient price, Icahn opposed offer from Dell to buy VMware tracking shares ? Icahn relented after Dell increased its offer and won support from Elliott and Canyon Capital 10/18 ? Legion and CalSTRS argued the Company could improve value without being sold;

the Company continues to explore strategic alternatives 8/18 ? Dissatisfied with the outcome of the Company'

s strategic review, Third Point nominated a full slate of candidates to Campbell'

s Board ? Later reduced its slate to five nominees and then settled for two Directors and consultation rights on a third and the new CEO 6/18 ? Elliott/Bluescape jointly proposed Board refreshment and a strategic review to unlock Sempra'

s conglomerate discount ? Sempra settled with the activists, agreeing to appoint two mutually agreed upon Directors 3/18 ? Forest City entered into a settlement with Starboard and Scopia whereby

9 Directors would be replaced;

the Company later agreed to be acquired by Brookfield Asset Management ? Former CEO and co-Chairman Emeritus Albert Ratner intervened to prevent the deal, but shareholders voted to approve the transaction Source: Activist Insight, FactSet and public filings as of 12/31/2018.

1 Market capitalization in $bn as of announcement. Notable

2018 Public Campaign Launches and Developments―United States

1 $18.9 $1.6 $12.2 $26.7 $5.7 $4.2 $13.5 $97.8 $79.5 $8.3

3 Launch Date Company / Market Cap1 Activist Highlights 12/18 ? In a press release, Elliott criticized Pernod Ricard'

s failure to improve margins despite sales growth, and criticized the Board for being insular and lacking diverse nationalities 12/18 ? Cevian asserted that Nordea could significantly reduce costs to bring the Company'

s performance in line with its Scandinavian peers 9/18 ? CIAM sent a letter to the Company'

s CEO criticizing the Company'

s decision to reject a takeover bid from Covea ? Later sent a letter to the President, arguing the Company'

s golden parachute for all senior executives serves as an anti-ta........