Wednesday, 22 October 2014
Last updated 17 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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