It is a truth universally acknowledged among attendees of the Berkeley Forum on Corporate Governance that “there is an activist for every company. Any size, any industry,” according to Morgan Stanley’s activist defense chief David Rosewater, who anchored the Navigating Activism panel at the semi-annual confab in San Francisco. We were proud that it was arguably the only panel that did not discuss AI and Elon Musk.    

The view among panelists was that the universal proxy has made campaigns more effective and much more personal since activists can target individual Board members. Speakers across the conference emphasized the importance of two particular qualities Boards should be seeking: expertise in AI and diversity. In a conversation about Board refreshment, Joanna Rees, venture capitalist and co-chair of the Representation Project, commented that “the job of Boards is to open up the aperture to diverse perspectives” and that “it’s not a talent problem – it's a network problem,” as most directors are still sourced from the MBA-to-CEO pipeline.  

There was certainly a sense of ebullience that the deal market was about to pick up. On antitrust, the expectation is that the newest merger guidelines introduced last year could be pulled back though it seems the tech companies are still a bit anxious about the new administration. Ultimately, it will be through the filter of personalities that mergers will be viewed as we will have “a CEO president, with a venture capitalist vice president and Elon Musk pulling the strings in the background,” said Hence Technologies co-founder, Sean West. 

Musk, for his part, popped up in a number of other discussions, as he is wont to do. During the “state” of Delaware panel, Delaware jurists, including Chancellor Kathaleen McCormick, seemed unphased by the notion that more companies – like Musk’s Tesla – may look to move their incorporation elsewhere: “Delaware’s demise is overrated.”  

That session ended with a standing ovation as Vice Chancellor Sam Glasscock, who is retiring in January, was given a send-off with some of his more quotable decisions, including a 2014 opinion where he interspersed lyrics from “Danny Boy” into his St. Patrick’s Day-adjacent decision about a sewer line dispute.    

Have a great weekend, 

GPP team 

ACTIVISM

Bloomberg: Elliot Amasses $5 Billion-Plus Stake in Honeywell 

Elliott is urging a split of the aerospace and automation divisions to boost shareholder value. Read More

Financial Times: Nissan Shares Jump After Activist Investor Takes Stake 

Shares in the Japanese automaker surged up as much as 20% after it was revealed that Singapore’s Effissimo Capital took a 5% stake in the company. Effissimo’s other high-profile campaigns in corporate Japan include Toshiba and shipping giant Kawasaki Kisen. Read More



Reuters: Oaktree Capital Urges UK's Indivior to Refresh Board 

Howard Marks’ Oaktree became Indivior’s second-largest shareholder in July, and after the British drugmaker issued its second profit warning in three months, the fund is pleading with Indivior to cooperate and shake-up its board of directors. Read More

CNBC: Activist Investor ValueAct has $1 Billion Stake in Meta 

Meta ($1.5T market cap) is the largest company to ever face activist involvement. Meta previously dealt with Altimeter Capital in 2022 when the fund pushed for the technology behemoth to trim costs through headcount reductions. Read More

CORPORATE GOVERNANCE

The Deal: ISS, Glass Lewis Weigh in at Cracker Barrel 

The proxy advisers are urging Cracker Barrel shareholders to withhold votes for Biglari Holdings’ CEO Sardar Biglari over governance concerns. However, while ISS opposes all Biglari nominees, Glass Lewis supports Milena Alberti-Perez, highlighting her financial expertise as beneficial to the board. Read More

In Good Company: Apollo CEO: Private Markets, Investment Alpha and Risk Management 

Nicolai Tangen meets with Marc Rowan, CEO and co-founder of Apollo Global Management, to discuss staying resilient in a fast-changing financial world, how Apollo approaches risk and private markets transforming the way we invest. Listen More

M&A

The Wall Street Journal: 7-Eleven Owner Receives Buyout Proposal from Founder’s Son 

Junro Ito, son of Seven & i's founder, has proposed a buyout of the 7-Eleven parent company, adding to the global standoff with Canadian Circle K owner, which had previously made a $39 billion bid. Seven & i's independent committee is now reviewing both proposals to determine the best deal. Read More

ANTITRUST

The Wall Street Journal: As Trump Readies a Reset of Antitrust Policy, Look to These Sectors for Deals 

Trump’s re-election has sparked optimism on Wall Street, particularly in the tech and healthcare sectors, as a potential shift to more lenient antitrust policies could revive major mergers and acquisitions. Read More

FROM OUR DESK TO YOURS

In a fitting celebration of GPP’s seventh anniversary, last week the firm dined in a private room at NARO, a Korean restaurant in Rockefeller Center from the team behind the Manhattan hot spots Atomix and Atoboy. GPPers enjoyed ten different wines – all magnums or larger! – across five courses. The entrée made a splash with a Sophie’s choice between black bass or dry aged duck, if we could even find space in our stomachs after a first and second course of Sundubu – a Korean stew with mussels – and bluefin tuna bibimbap. To conclude, we toasted to our small but mighty team. Here’s to seven more! 

PEOPLE MOVES

• Citadel hired long-standing Elliott Management portfolio manager Nabeel Bhanji. Read More
• Chipotle announced that Scott Boatwright will take over as CEO and join the chain’s board of directors. Read More
• Liberty Media, owner of Formula One, announced that CEO Greg Maffei will step down at year end. Read More

• December 4: The New York Times DealBook Summit, New York
• December 4: Rockefeller Christmas Tree Lighting Soirée at Le Rock, New York

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