Friday, 27 November 2015
Last updated 1 day ago
Dec 11 2012 | 9:34am ET
Four months after joining Ingersoll-Rand's board of directors, Nelson Peltz has decided to compromise with the company.
The Trian Fund Management chief has agreed to drop his call for Ingersoll to be split into three companies in exchange for a spin-off of its security-technology business. In addition, Ingersoll has agreed to launch a $2 billion share-buyback program and to boost its dividend by 31%.
The spin-off will be completed in about a year, Ingersoll said.
"The spin-off plan, the substantial dividend increase and the return of additional capital to shareholders should crystallize value at Ingersoll-Rand," Trian, which owns 7% of the company, said.
Ingersoll gave Peltz a board seat in August to avoid a proxy fight and launched the strategic review that produced the spin-off plan.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…