ValueAct Capital Reduces Alliance Data Systems Position

Jeff Ubben's activist firm ValueAct Capital has also filed both a Form 4 and a 13D with the SEC regarding its stake in Alliance Data Systems (ADS). 

ValueAct now only owns 2.7% of the company with a little over 1.377 million shares.  This is down from the 3.7 million they reported owning back at the end of Q2.
The Form 4 filing notes that ValueAct converted its previously disclosed 150,000 shares of Series A non-voting convertible preferred stock into 1.5 million shares of common stock.  The 13D also indicates that ValueAct sold 2 million ADS shares at $101.50 on October 28th and sold another 1.83 million shares at $102 the next day.

Per Yahoo Finance, Alliance Data Systems "provides data-driven marketing and loyalty solutions worldwide."

Corvex Management Goes Activist on ForeScout Technologies

Keith Meister's hedge fund firm Corvex Management has filed a 13D with the SEC regarding shares of ForeScout Technologies (FSCT).  Per the filing, Corvex now owns 7.2% of ForeScout with over 3.34 million shares.  However, the 13D is being filed jointly with Jericho Capital Asset Management which also owns shares, bringing their collective exposure to 14.5% of the company with over 6.68 million shares.

The filing shows Corvex as buying throughout September and October initially at prices around $35.xx but really ramped up their buying when shares traded down to $25.xx.

The 13D also contains information about their new activist stance: "After the close of business on October 18, 2019, the Corvex Persons agreed with the Jericho Persons to work together to engage with the Issuer and its management regarding its business and prospects. The Corvex Persons and the Jericho Persons believe that combining their complementary expertise, skill sets and perspectives will be beneficial in discussions with the Issuer. The Corvex Persons and the Jericho Persons anticipate having private discussions with the Issuer as soon as practicable."

Per Yahoo Finance, ForeScout Technologies "provides network security products in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. It offers CounterACT that provides for visibility and control capabilities across campus information technology and Internet of Things (IoT) devices, operational technology devices, data center physical and virtual devices, and cloud virtual devices; and SilentDefense, which offers visibility and control capabilities within the operational technology portion of the network."

Glenview Capital Files 13D on Meritor

Larry Robbins' hedge fund firm Glenview Capital has filed a 13D with the SEC on shares of Meritor (MTOR).  Per the filing, Glenview now owns 14.7% of the company with exposure to over 12.1 million shares.  This is inclusive of 4.9 million shares underlying call options.

This is up from the previous 7.2 million shares Glenview had exposure to at the end of the second quarter, per their most recent 13F filing.  So basically Glenview has added call option exposure and then gone activist on the name.

The filing also includes the standard activist investor boilerplate: "The Reporting Persons intend to engage in discussions with the Company and the Company’s management and board of directors, other shareholders of the Company and other interested parties on issues that may relate to the business, management, operations, assets, capitalization, financial condition, strategic plans, governance, board composition and the future of the Company.  Glenview Capital Management has entered into a customary confidentiality agreement with the Company in order to facilitate these discussions."

Per Yahoo Finance, Meritor "designs, develops, manufactures, markets, distributes, sells, services, and supports integrated systems, modules, and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors. It operates through two segments, Commercial Truck; and Aftermarket, Industrial and Trailer."

ValueAct Sells Some KKR and CBRE Group

Jeff Ubben's investment firm ValueAct Capital has been active in markets recently.  We just highlighted how they went activist on LKQ and also sold some Arcosa.  Well, they've now also revealed two other portfolio moves.


ValueAct Trims KKR Stake

First, ValueAct has filed an amended 13D with the SEC regarding its stake in KKR (KKR).  It notes they sold shares in late July and also now in early September, with the bulk of their recent sales coming on September 13th at a weighted average price of $28.23. 

Per the filing, ValueAct now owns 8.8% of the company with 48.1 million shares.

Per Yahoo Finance, KKR is "a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine, distressed, turnaround, lower middle market and middle market investments"


ValueAct Sells Some CBRE Group

Second, Ubben's firm has filed a Form 4 with the SEC regarding its position in CBRE Group (CBRE).  They sold 3 million shares on September 12th at $53.86.  After this transaction, they now own 10.22 million shares.

Per Yahoo Finance, CBRE Group is "operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. It also provides facilities management, project management, transaction management, and strategic consulting services to occupiers of real estate; and property management services comprising construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties. In addition, the company provides investment management services under the CBRE Global Investors brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; and development services under the Trammell Crow Company brand name primarily to users of and investors in commercial real estate. CBRE Group, Inc. was founded in 1906 and is headquartered in Los Angeles, California."

Carl Icahn Boosts Hertz Position

Activist investor Carl Icahn has filed numerous documents to the SEC recently (13D's and Form 4's) regarding his position in Hertz Global (HTZ).  Per the most recent 13D, Icahn now owns 30.92% of the company with exposure to over 43.92 million shares (inclusive of 2.03 million shares underlying forward contracts).

His recent purchases also are via forward contracts.  Per the filing, Icahn acquired exposure to over 1.15 million shares via forward contracts that expire on September 8, 2021.
The price per share is listed at $14.73 and $15 in the transactions.  And the filing notes that these contracts "Represents a forward price of $12 per Share, plus the amount per Share the Reporting Person paid the counterparty to the forward contract upon entering into such forward contract. The forward price is subject to adjustment to account for any dividends or other distributions declared by the Issuer. In addition, the Reporting Person paid a financing charge to the counterparty to such forward contract."

ValueAct Reveals Activist LKQ Stake, Sells Some Arcosa

Jeff Ubben's activist investment firm ValueAct Capital has filed a couple of 13D's with the SEC recently.

ValueAct Reveals Activist LKQ Stake

First, per a 13D regarding shares of LKQ Corp (LKQ), ValueAct now owns 5.2% of LKQ with over 16.03 million shares as of September 3rd.  This is a brand new position for the firm.

The filing indicates they were out buying shares throughout August and into early September with weighted average purchase prices coming between $24.91 and $27.49. 

The 13D also includes this note regarding their stake: "The Reporting Persons have had and anticipate having further discussions with officers and directors of the Issuer in connection with the Reporting Persons' investment in the Issuer. The topics of these conversations have covered or will cover a range of issues, including those relating to the business of the Issuer, management, board composition (which include whether it makes sense for a ValueAct Capital employee to be on the Issuer's board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance."

Per Google Finance, LKQ "distributes replacement parts, components, and systems used in the repair and maintenance of vehicles. It operates in three segments: North America, Europe, and Specialty. The company distributes bumper covers, automotive body panels, and lights, as well as automotive glass products, such as windshields; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; lights and bumper assemblies; scrap metal and other materials to metals recyclers; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products, including spark plugs and batteries."


ValueAct Sells Some Arcosa Shares

Second, in a separately amended 13D, ValueAct has disclosed it has sold some Arcosa (ACA).  Per the 13D, the fund sold shares on September 9th through 13th at weighted average prices of around $34.50.

After the sales, ValueAct still owns 5% of the company with over 2.41 million shares.

Per Yahoo Finance, Arcosa "manufactures and sells infrastructure-related products and services for the construction, energy, and transportation markets. It operates through three segments: Construction Products Group, Energy Equipment Group, and Transportation Products Group. The Construction Products Group segment offers lightweight and natural construction aggregates, and trench shields and shoring products that are used in construction landscape, including commercial, industrial, road and bridge, and underground construction. It serves concrete producers; commercial, residential, industrial, and highway contractors; manufacturers of masonry products; state and local governments; and equipment rental dealers. The Energy Equipment Group segment provides structural wind towers for wind turbine producers; steel utility structures for electricity transmission and distribution; and pressurized and non-pressurized storage and distribution containers that store and transport various products, such as propane, anhydrous ammonia, and natural gas liquids. The Transportation Products Group segment offers hopper barges, tank barges, fiberglass covers, hatches, castings, and winches for commercial marine transportation companies and industrial shippers; axles, circular forgings, and coupling devices for freight, tank, locomotive, and passenger rail transportation equipment, as well as for other industrial uses; and cast components for use in the industrial and mining sectors. The company is headquartered in Dallas, Texas."

Tiger Global Still Buying Sunrun, Amends 13D Filing

As we've detailed previously, Chase Coleman's hedge fund firm Tiger Global has been out buying shares of Sunrun (RUN) in recent weeks.  In an amended 13D filing with the SEC, Tiger Global has now disclosed they own 22.2% of the company with over 26.05 million shares.

Their recent activity includes buying on September 9th through 11th at weighted average prices of around $15.093.

Per Yahoo Finance, Sunrun "engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking, as well as solar leads generated to customers. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California."

Paulson & Co Files 13D on Callon Petroleum, Opposes Carizzo Oil Acquisition

John Paulson's hedge fund firm Paulson & Co has filed a 13D with the SEC regarding shares of Callon Petroleum (CPE).  Per the filing, Paulson now owns 9.5% of the company with over 21.59 million shares.  This is a brand new position for the hedge fund as they did not report any shares on their most recent 13F filing which discloses portfolios as of June 30th.

Paulson has gone activist and sent the board of directors a letter highlighting they oppose the acquisition of Carizzo Oil & Gas.  Paulson outlines a few reasons for their position: 1) Callon stock is down 36% since acquisition's announcement, 2) Co is offering an unwarranted premium to Carrizo, 3) Callon shareholders would be diluted, 4) Callon would no longer be a premium pure-play company, 5) Callon could be worth over 60%+ in a takeover, 6) Permian basin pure-plays remain attractive acquisition targets.  They go on to list other reasons as well.


Paulson & Co's Letter to Callon Petroleum

Embedded below is Paulson & Co's letter in its entirety.



You can also access it here.

Dr. Michael Burry Buys More Tailored Brands, Sends Letter to Board

Dr. Michael Burry of Scion Asset Management has been busy lately.  We previously detailed how he re-built a stake in Gamestop (GME) and sent a letter to the board.  Well, he has now also just filed a 13D on shares of Tailored Brands (TLRD), which he's owned and previously also sent letters to the board.

The new filing indicates Burry has boosted his TLRD position, buying throughout August at prices of around $4.7145 and $4.8282.  In total, Scion Asset now owns 5.1% of the company with 2.6 million shares.  This is up from his previous stake of 1.85 million shares at the end of June.


Dr. Michael Burry Sends New Letter to Tailored Brands Board

Burry also sent a new letter to the board dated August 30th where he addresses rumors that Sycamore Partners had approached the company about an acquisition at around $10 per share.  Burry writes, "We do not know if any of this is true.  However, we believe you must know that $10 per share is not fair value and will not be acceptable to shareholders."

Later Burry goes on to write, "With some urgency, we stand by our letters of August 2nd and 19th. Given the quarter-century lows in the common stock and the severe undervaluation this entails, we believe the best use of funds from the corporate apparel segment sale, in good part or in full, is for a share repurchase.While management is considering asset sales, we would encourage exploring the market for Tailored’s Canadian operations. The Board and management ought to focus resources on its core 1300+ store U.S. operations. Proceeds from a sale of these remaining international operations may also be best used to accelerate debt repayment and stock buybacks."

He's previously sent two other letters to the board which you can read here and here.

Per Yahoo Finance, Tailored Brands "operates as a specialty apparel retailer the United States and Canada. It operates through two segments, Retail and Corporate Apparel. The Retail segment offers suits, suit separates, sport coats, slacks, formalwear, business casual, denim, sportswear, outerwear, dress shirts, shoes, and accessories for men. It also provides women's career and casual apparel, sportswear, and accessories; children's apparel; and alteration services. As of February 2, 2019, this segment operated 1,464 stores under the Men's Wearhouse, Men's Wearhouse and Tux, Jos. A. Bank, Moores, Joseph Abboud, and K&G brands. The Corporate Apparel segment provides corporate apparel uniforms and work wear to workforces under the Dimensions, Alexandra, Yaffy, and Twin Hill brands through various channels, including managed corporate accounts and catalogs, as well as through dimensions.co.uk, alexandra.co.uk, and twinhill.com Internet sites. This segment serves companies and organizations in the airline, retail grocery, retail, banking, quick service restaurant, car rental, distribution, travel and leisure, postal, security, healthcare, and public sectors. The company was formerly known as The Men's Wearhouse, Inc. and changed its name to Tailored Brands, Inc. in February 2016. Tailored Brands, Inc. was founded in 1973 and is based in Houston, Texas."

JANA Partners Buys Bloomin' Brands, FIles 13D

Barry Rosenstein's hedge fund firm JANA Partners has filed a 13D on shares of Bloomin' Brands (BLMN).  Per the filing, JANA now owns 9% of the company with over 7.81 million shares.  This is a brand new stake for the firm.

JANA was buying throughout August at with the bulk of their recent purchases coming at prices of around $16.08 and $16.21. 

The 13D contains the standard boilerplate:

"The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person intends to have discussions with the Issuer’s board of directors and management regarding a sale of the Issuer, divestitures, capital allocation, operations and board composition. The Reporting Person expects to have discussions with the Issuer’s management and board of directors, shareholders and other interested parties relating to such matters."

Per Yahoo Finance, Bloomin' Brands, Inc., "through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill, an upscale casual seafood restaurant; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse. As of December 30, 2018, the company owned and operated 1,068 restaurants and franchised 164 restaurants across 48 states; and owned and operated 125 restaurants and franchised 131 restaurants across 20 countries, Puerto Rico and Guam. Bloomin' Brands, Inc. was incorporated in 2006 and is headquartered in Tampa, Florida."

Tiger Global Buys More Sunrun

Chase Coleman's hedge fund firm Tiger Global has filed a 13D with the SEC regarding its stake in Sunrun (RUN).  Per the filing, Tiger Global now owns 20.4% of the company with over 23.93 million shares.

They were out buying shares through mid-to-late August and in total have purchased over 2.01 million shares with the bulk coming at weighted average prices of $14.98 and $15.07.

Per Yahoo Finance, Sunrun "engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking, as well as solar leads generated to customers. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California."

Viking Global Files 13D on Urovant Sciences

Andreas Halvorsen's hedge fund firm Viking Global has filed a 13D with the SEC regarding shares of Urovant Sciences (UROV).  Per the filing, Viking now shows a 75.6% stake in the company with over 22.7 million shares, though the 13D notes that "The Reporting Persons do not directly own any Common Shares." 

The company recently completed its initial public offering (IPO).  Viking has previously invested in Roivant Sciences in 2016, a holding company that has created numerous subsidiaries, including newly public Urovant, which could explain Viking's SEC filing.  Other Roivant subsidiaries include Axovant Sciences, Myovant Sciences, and Enzyvant Sciences, to name a few.

Viking also invested in Roivant again in 2017 with an undisclosed amount of funding.  SoftBank's Vision Fund is also an investor in Roivant, but not the subsidiaries, at least that was the case as of mid-2017.  Roivant was founded by Vivek Ramaswamy.

Baupost Group Files 13D on Viasat, Joins Board

Seth Klarman's investment firm Baupost Group has filed a 13D with the SEC regarding its stake in Viasat (VSAT).  Per the filing, Baupost owns 23.06% of the company with over 13.73 million shares.  This ownership stake amount is unchanged from the end of the second quarter.

In the filing, Baupost notes they recently were invited to join the company's board in a non-voting capacity.

In a press release issued by the company, they noted: 

“As a decade-long investor in Viasat, we remain excited about the Company’s growth potential in both its defense and commercial businesses,” said Greg Ciongoli, partner, The Baupost Group. “We appreciate this opportunity to contribute to boardroom discussions.”

“Baupost has a successful long-term philosophy of value investing,” said Mark Dankberg, chairman and CEO, Viasat. “Inviting Baupost to participate as a Board observer provides us with an opportunity to capitalize on their strategic insight, as well as their valuable financial and investment expertise.”

Berkshire Hathaway Files Amended 13D on USG

Warren Buffett's conglomerate Berkshire Hathaway has filed an amended 13D with the SEC regarding its position in USG Corporation (USG).  Per the filing, Berkshire owns 30.8% of the company with 43.38 million shares as of March 23rd.

This is up slightly from the 39 million shares Berkshire reported owning at the end of 2017 per their most recent 13F filing.

The main reason for the filing is the information below, pulled verbatim from the filing:

"From time to time, beginning many years ago, executives of Gebr. Knauf Verwaltungsgesellschaft KG (“Gebr. Knauf”) and/or C & G Verwaltungs GmbH (“C & G Verwaltungs” and, together with Gebr. Knauf, the “Knauf Entities”) have contacted Berkshire’s Chief Executive Officer (“CEO”) to describe the Knauf Entities’ potential and conditional interest in a transaction with USG. Most recently, the Knauf Entities furnished Berkshire a copy of a letter from Gebr. Knauf to USG dated March 15, 2018 in which Gebr. Knauf submitted an indicative and non-binding proposal for the acquisition of 100% of the outstanding shares of Common Stock of USG at $42.00 per share.

On March 23, 2018 Berkshire’s CEO and another Berkshire executive held a telephonic discussion with two executives of the Knauf Entities and three representatives of one of the advisors of the Knauf Entities, during which Berkshire proposed to grant to the Knauf Entities an option to purchase all of the Berkshire Entities’ shares of Common Stock of USG, subject to legal review. Such option would be exercisable only in connection with the consummation of a purchase by the Knauf Entities of all of the outstanding shares of Common Stock of USG that the Knauf Entities did not already own, at a price of not less than $42.00 per share, subject to and in accordance with applicable law and contractual restrictions. The option exercise price per share was proposed by Berkshire to be the price per share paid to such other holders of Common Stock of USG by the Knauf Entities, less the option purchase price of $2.00 per share to be paid to the Berkshire Entities upon entering into a definitive option agreement. The option would have a term of approximately 6 months.

The Knauf Entities have not responded to this proposal, and the Reporting Persons do not know whether the Knauf Entities will pursue further discussion with Berkshire of the proposed option or will make an offer to purchase shares of Common Stock of USG. Berkshire has not agreed to support any plan or proposal by the Knauf Entities with respect to the Common Stock of USG, and there are no agreements, written or otherwise, between the Reporting Persons and the Knauf Entities.Depending upon price, market conditions, availability of funds, evaluation of other investment opportunities, and other factors, the Reporting Persons may at any time and from time to time sell or otherwise dispose of some or all of the shares of Common Stock of USG held by them, either as contemplated by the Registration Rights Agreement or in another manner permitted by applicable law."

Senator Investment Group Files 13D on Gogo

Alex Klabin and Doug Silverman's hedge fund firm Senator Investment Group has filed a 13D with the SEC regarding shares of Gogo (GOGO).  Per the filing, Senator now owns 6.5% of the company with 5.64 million shares.

This is up from the 4.96 million shares they owned at the end of 2017, as they originally built a position in the third quarter of 2017 and continued buying in the fourth quarter.  The 13D notes they've talked with management and may do so in the future.

It also discloses their recent trading activity in the stock.  They were bought in late January and late February, with primary purchases coming between $9.0251 and $9.2546.  In total, they bought over 681,000 shares.

Per Google Finance, Gogo is "s a provider of in-flight broadband Internet service and other connectivity services for commercial and business aircraft, headquartered in Chicago, Illinois"

ValueAct Capital Increases Trinity Industries Exposure

Jeff Ubben's activist investment firm ValueAct Capital has filed an amended 13D and Form 4 with the SEC regarding its stake in Trinity Industries (TRN).  Per the filing, ValueAct now owns 13.8% of the company with over 20.76 million shares.

The filings indicate ValueAct purchased Form 4 indicates ValueAct purchased over 1.5 million shares across March 2nd, 6th, 7th, 8th, 15th, 16th, and 19th.  These purchases came at prices between $31.10 and $33.

For more on this firm, we recently highlighted another stock ValueAct was reducing its position in.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."

Carl Icahn Files 13D on Newell Brands

Carl Icahn has filed an amended 13D with the SEC regarding his stake in Newell Brands (NWL).  Per the filing, Icahn now owns 6.96% of the company with 33.79 million shares (including shares underlying forward contracts).  The filing notes they've now formed a group with Brett Icahn and include his ownership stake.

The forward contracts have a forward price of $23 per share and expiration of January 28th, 2020 and includes exposure to just over 3.01 million shares.  The rest of Carl Icahn's position is common stock.  Brett Icahn owns 500,000 NWL shares.

The filing notes that Icahn started buying on January 25th and was buying as recently as March 16th.

In a previous CNBC interview, Icahn noted that, "I believe Newell itself is undervalued and that's why I bought it."  He said he originally bought NWL around $25

We've highlighted previously that activist firm Starboard Value has also been involved in Newell Brands.

TCI Fund Goes Activist on Altaba, Calls For Liquidation

Sir Christopher Hohn's investment firm TCI Fund Management has filed a 13D with the SEC regarding its position in Altaba (AABA).  They now own 9.7% of the company with 79.77 million shares.

They've been slowly selling shares throughout the first three months of the year, presumably to stay below the 10% ownership cap as AABA has been buying back stock.


TCI Goes Activist on Altaba

The big development here, is that they've converted their 13G into a 13D and gone activist.  They're calling for a liquidation of the company, which owns big stakes in Alibaba (BABA) and Yahoo Japan.

Hohn sent a letter to Altaba, detailed below:

"As you know TCI is the largest shareholder of Altaba owning close to 10% of the company. We have very much appreciated your efforts to create shareholder value. We fully agree with your explicit goal of narrowing the wide discount to net asset value at which Altaba continues to trade.However, we believe that the current strategy of Altaba is unlikely to materially reduce this discount. A clear plan of liquidation is now necessary. This should involve a complete distribution or sale of all of Altaba’s Alibaba and Yahoo Japan shares.We attach a presentation for the Board and shareholders of Altaba laying out in summary our proposed plan of liquidation. We strongly believe that the vast majority of Altaba’s shareholders would be supportive of this plan.We have today converted our SEC filing to a 13D so that we may engage actively with you, the Board of Altaba and all shareholders to create the best outcome for all parties. We look forward to engaging with you constructively as you consider our proposal."

TCI's Presentation on Altaba

Hohn's firm also published a presentation on AABA and we've embedded it below.

Paulson & Co Buys More International Tower Hill Mines

John Paulson's hedge fund firm Paulson & Co has filed a 13D and Form 4 with the SEC regarding its stake in International Tower Hill Mines (THM).  Per the filing, Paulson now owns 31.97% of the company with 59.59 million shares. 

The Form 4 notes they bought over 4.1 million shares on March 13th at a price of $0.50 per share.  The 13D notes this transaction was a private placement.

Per Yahoo Finance, International Tower Hill Mines is "a mineral exploration company, acquires and explores for mineral properties in Canada and the United States. It holds or has rights to acquire ownership or leasehold interests in the Livengood Gold Project that covers approximately 19,546 hectares located to the northwest of Fairbanks, Alaska. The company was formerly known as Tower Hill Mines Ltd. and changed its name to International Tower Hill Mines Ltd. in March 1991. International Tower Hill Mines Ltd. was founded in 1978 and is headquartered in Vancouver, Canada."

ValueAct Capital Reduces Armstrong World Industries Exposure

Jeff Ubben's activist investment firm ValueAct Capital has filed a 13D and a Form 4 with the SEC regarding its stake in Armstrong World Industries (AWI).  Per the filing, ValueAct now owns 12.9% of the company with 6.85 million shares. 

The Form 4 notes they sold 2.35 million shares on March 12th at $59.60 per share.  We've also highlighted other recent portfolio activity from ValueAct here.

Per Google Finance, Armstrong World Industries is "a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings. Its geographical segments include Americas (including Canada); Europe, Middle East and Africa (including Russia) (EMEA), and Pacific Rim. As of December 31, 2016, it had 15 manufacturing plants in eight countries, including six plants located throughout the United States. Its Americas segment sells products for use in single and multi-family housing. It sells commercial products to building materials distributors re-selling its products to contractors, subcontractors' alliances, architect and design firms, and facility owners. Residential ceiling products are sold in the Americas primarily to wholesalers and retailers."