Tuesday, 23 September 2014
Last updated 6 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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.