Contenu pour le mot clé: Activisme

14 mars 2024

« Gildan says allegations by key shareholder Browning West violated U.S. securities law »

« Gildan Activewear is accusing one of its largest shareholders of violating American securities law and has asked the regulator to investigate allegations that the investor has been spreading falsehoods about the Montreal-based clothing maker’s new chief executive, Vince Tyra. In a letter sent to the U.S. Securities and Exchange Commission late Thursday, Gildan alleged that […]

29 janvier 2024

Gildan convoque ses actionnaires en assemblée le 28 mai

Une semaine après avoir mis en doute la légitimité de l’actionnaire dissident Browning West à pouvoir demander la tenue rapide d’une assemblée, Gildan convoque ses actionnaires pour une assemblée annuelle et extraordinaire le 28 mai. Le fabricant montréalais de vêtements entendait néanmoins présenter lundi une demande en jugement déclaratoire auprès d’un tribunal du Québec pour faire […]

29 janvier 2024

« Gildan to hold shareholder meetings in late spring for board of directors vote »

« Canadian clothing maker Gildan Activewear Inc., GIL-T locked in a fight with dissident investors over its decision to sack its chief executive officer in December, is convening its shareholders in late spring to vote on whether they want a new board. The company says the timeline for the meeting on May 28 will give investors “a […]

4 août 2022

« How obeying an activist investor can destroy value »

« […] If you ever needed a reminder about how M&A can be value destructive, look no further than Just Eat Takeaway’s $7.3bn acquisition of US rival Grubhub. The Netherlands-based company on Wednesday said it had to write down by €3bn the value of Grubhub, effectively admitting its consolidation strategy has failed. There are two […]

29 janvier 2020

« Regulations to rein in short-sellers must not overlook the good they do »

« A thick hide is a necessary qualification for the job of activist short-seller. When Spruce Point Capital Management released a negative report on Canadian Tire Corp. Ltd. in late 2019, it prompted Yvan Allaire, the executive chair of the Institute for Governance of Private and Public Organizations, to fire back in the Financial Post: […]

10 janvier 2020

« The Angels of Market Efficiency »

« Mr. Ben Axler, Chief Investment Officer and founder of Spruce Point Capital responds (Financial Post, December 17th, 2019) to my article on short sellers of his kind (Financial Post, December 13th, 2019). He trots out the worn-out argument that short sellers only reveal the sordid truths hidden in the bosom of corporations. In short, […]

13 décembre 2019

« Limiting the damage of short-sellers »

« When any individual investor or fund comes to the conclusion after careful analysis that a company is over-valued, it may very well sell short the shares of that company. Fair enough. If the analysis proves right, facts on the ground will confirm it eventually and the stock price will drop. But that’s not the game […]

6 novembre 2019

« Mergers and acquisitions: Feds, activists disrupt US economic growth »

« By all indications mergers and acquisitions (M&A) activity is on the rise. In the first five months of 2019, companies announced over $1 trillion in mergers and acquisitions, a 14% increase from the same period in 2018. This is generally good for the economy, the consumer and the shareholders alike. In fact, all Americans […]

31 juillet 2019

« Finding Friends is Hard: Long-Term Investors’ Relationship with Proxy Advisors, Activists and Private Equity Funds »

« Institutional investors are howling for US public companies to focus more on the long-term.[1]  This is unsurprising. Long-term focused companies produce significantly better results over time, reporting far greater revenue growth with less volatility, far higher levels of economic profit, and greater total return to shareholders.[2] So if you are holding stock for a long time, […]

14 mai 2019

« Short-term thinking forcing companies to delay IPOs, opt for dual-class shares: Governance expert »

« Yvan Allaire, executive chair at the Institute for Governance of Private and Public Organizations, joins BNN Bloomberg to discuss « quarterly capitalism » in light of WestJet CEO Ed Sims’ warning on the destruction it brings to long-term company plans. » Pour voir l’entrevue, veuillez cliquer ici.  

4 février 2019

« IGOPP defends dual-class share structures »

« Dual-class share structures have drawn the ire of some investors, citing concerns with shareholder rights. For more on this and why he thinks there’s a place for dual-class shares, BNN Bloomberg spoke with Yvan Allaire, executive chair at the Institute for Governance of Private and Public Organizations. » Pour voir l’entrevue, veuillez cliquer ici.

19 décembre 2018

Prise de position en faveur des actions multivotantes

En 2018, 69 sociétés ayant des actions à droit de vote supérieur (ADVS) étaient inscrites à la bourse de Toronto alors qu’elles étaient 100 en 2005. De 2005 à 2018, 38 n’avaient plus d’ADVS suite à des fusions, acquisitions, faillites et autres, 16 sociétés avaient converti leurs ADVS en actions à droit de vote unique […]

31 octobre 2018

L’activisme actionnarial sans frontières et sans limites

L’activisme actionnarial est de plus en plus en vogue dans les grandes entreprises publiques, partout à l’échelle de la planète. Selon François Dauphin, ce phénomène mondial est dommageable à plusieurs titres. Son article soulève plusieurs exemples d’organisations qui ont été la cible d’attaques de la part de fonds de couverture (hedge funds). Les effets négatifs […]

20 août 2018

« Activist Hedge Funds Aren’t Good for Companies or Investors, So Why Do They Exist? »

« Activist hedge funds have become capital market and financial media darlings. The Economist famously called them “capitalism’s unlikely heroes” in a cover story, and the FT published an article saying we “should welcome” them. But they are utterly reviled by CEOs. And at best, their performance is ambiguous. The most comprehensive study of activist hedge fund performance that I have […]

5 avril 2018

« It’s hunting season, as activists and regulators open fire on Canada’s businesses »

« The corporate hunting season is officially underway, an annual ritual during which shareholder parties, armed with proxies and other weapons of democratic destruction, set out to bag executives and directors for failing to deliver. The list of potential corporate failings is all encompassing. Anything and everything is a target, from executive compensation to diversity […]

17 novembre 2017

« Pershing Square, Ackman and CP Rail: A Case of Successful «Activism» ? »

« Pershing Square, an activist hedge fund owned and managed by William Ackman, began hostile maneuvers against the board of CP Rail in September 2011 and ended its association with CP in August 2016, having netted a profit of $2.6 billion for his fund. This Canadian saga, in many ways, an archetype of what hedge fund […]