Monday, 20 October 2014
Last updated 7 hours ago
May 27 2008 | 9:01am ET
Crescendo Partners thinks Canadian soft-drink maker Cott Corp. is a little flat, and the New York hedge fund is moving to shake things up.
Crescendo has taken an 8.7% stake in Cott, and that it will push for changes at the struggling company, including seats on its board. The hedge fund “has engaged in and intends to continue to engage in discussions with management and the board of directors of the issuer concerning the business, operations and future plans,” it said in a filing with the U.S. Securities and Exchange Commission.
The hedge fund, which calls Cott “very undervalued,” has offered a former Cott executive, Csaba Reider, as its proposed CEO. It also said it would name Mario Pilozzi, a former CEO of Wal-Mart Canada, to a board seat should it win any.
Cott’s recent troubles—its shares were down more than 80% from a year ago prior to Crescendo’s announcement, which pushed Cott’s stock price up almost 14%—were punctuated by Wal-Mart’s decision to cut its shelf space and merchandising support. The company post at US$20.7 million loss in the first quarter as sales declined 2.6%.
Crescendo said it would meet with Cott executives to discuss “potential changes in the composition of the management team and the board of directors.”
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 ...