Tuesday, 21 October 2014
Last updated 7 hours ago
Apr 10 2013 | 10:29am ET
Jana Partners may have spoken too soon.
A day after the activist hedge fund claimed to have won two seats on the board of directors of Agrium Inc., the Canadian fertilizer company announced that it had, in fact, won none. Agrium said yesterday at its annual meeting in Calgary, Alberta, that all five management-backed board nominees were re-elected.
Jana said on Monday that founder Barry Rosenstein and one of its other four nominees appeared to have enough votes to be elected. Agrium quickly dismissed the claim—and appears to have had the last laugh.
Rosenstein, however, vowed that "this tainted vote isn't the end of the story." He blasted Agrium for tarring him as a "billionaire hedge fund manager" and claimed that Agrium had strong-armed its way to a victory.
"We have learned, however, that yesterday, three days after the vote deadline, votes for us were revoked, enough apparently to change the outcome of the vote," Rosenstein said.
New York-based Jana has pushed Agrium to spin off its retail business. "We will not hesitate to speak up should Agrium return to its old ways," Rosenstein promised.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...