Tuesday, 28 April 2015
Last updated 10 hours ago
Jun 24 2013 | 10:25am ET
If Third Point's Daniel Loeb needed another reminder of how difficult successful hedge fund activism is in Japan, he got it on Friday.
The Children's Investment Fund, which has a history of failed activist campaigns in the country, saw its losing streak extended when Japan Tobacco shareholders voted against the hedge fund's set of proposals. TCI, which launched its campaign against JT two years ago, had pushed for, among other things, a much higher dividend.
It is the second time that JT shareholders have brushed aside TCI proposals; the hedge fund lost last year, too.
TCI's JT campaign began two years after it closed its office in Hong Kong and abandoned activism in Asia following several high-profile defeats, most notably in its battle with Japan's Electric Power Development Co.
Third Point is currently pushing for major changes at Sony Corp., including a partial spin-off of the company's entertainment business.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…