This week, Jana Partners’ 13F revealed a 2.3% stake in Vonage Holdings and plans to push for change at the telecommunications services company, Bloomberg reported. The new stake comes after Vonage announced in February that it was ending the sales process for its consumer business following a strategic review. The company cited valuation and expected cash generation of the business as reasons for its decision.
This isn’t Vonage’s first run-in with an activist, having been targeted by Legion Partners Asset Management in 2019, which resulted in the appointment of a new director. While the changes Jana will push for have yet to be disclosed, a breakup of the company could be a demand according to Stephens, a boutique investment bank.
Shareholder pressure around climate initiatives continued this week, with Royal Dutch Shell the target of a climate resolution filed by activist group Follow This. Although the resolution did not succeed, garnering a little more than 30% of votes, support saw a sharp rise from last year's 14.4% support of a similar resolution.
Lazard's 13F report is enclosed below.
Have a great weekend,
Joel
