Starboard value macy's presentation pdf

Papa johns and starboard value enter strategic investment. Why macys couldnt sell its stores fast enough for starboard. Starboard said in the presentation it submitted to macys executives. Finalists will have the opportunity to present their idea to starboard value investment professionals and to receive substantive feedback on their pitch. Starboard value lp, a significant shareholder of macy s, inc. Smith, mitchell, and feld all stayed with starboard. Activist investor starboard urges macys to strike real. Starboard value is pushing macys to unlock the value of its vast realestate holdings through a spinoff.

This presentation is intended to provide a general overview of legal iss. This presentation is intended to provide a general overview of legal issues. Starboard value pushes macys to pursue deals for its real. M in the first quarter, according to an sec filing friday the hedge fund also added a position in cybersecurity firm fortinet nasdaq. A primer on dardens real estate overview of starboard value lp starboard value lp is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value for the benefit of all shareholders. Apr 24, 2016 the use of the starboard presentation is based on the information provided in the pdf and only consists of information on a asis basis. Sep 30, 2015 jeff smiths activist investment firm starboard value today released a presentation on their newest holding, advance auto parts aap. Activist investor calls to replace corteva ceo, control. Can macys find a way to unlock the value of its real. Macys investor starboard is impatient for change news. Activist engagement has improved share price and operating performance.

Activist investor starboard values jeff smith escalated his campaign at. Why macys couldnt sell its stores fast enough for starboard retail. Starboard s presentation on maximizing macy s real estate is available for viewing at the following link. Starboard issues detailed investor presentation on. About starboard value lp starboard value lp is a new yorkbased investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly. Participants should create a powerpoint presentation with fewer than 20 slides outlining an actionable investment idea that meets starboard value s investment criteria below. Activist hedge fund starboard value sees 21 billion worth of real estate.

Excludes store closures announced on january 6, 2016. May 12, 2017 starboard value exited its stake in macy s in the first quarter, according to an sec filing friday the hedge fund also added a position in cybersecurity firm fortinet. It has also targeted other companies including aol, office depot, smithfield foods, yahoo, macys and more. Newell or the company board of directors the board at the upcoming 2018 annual. Week tonight, host john oliver did a threeminute comedy bit based on starboards presentation. Starboards smith increases pressure on macys m to split. Armed with great features, the starboard interactive displays meet every demands of active presentations and training environments. Starboards smith increases pressure on macys m to split off real. Starboard values jeff smith recommends macys business.

Apr 28, 2016 san francisco starboard value is an activist investor on a roll. Activist shareholder, starboard value, put together a presentation highlights below that asserts a real estate joint. Jan 21, 2021 starboard is one of the most wellknown and feared activist firms on wall street, as it succeeded in replacing all of darden restaurants board in a highprofile 2014 bid. This allows you to check and change the pen tip and button settings. Unlocking value at macys january 11, 2016 10x ebitda. Starboard value lp is a new yorkbased investment adviser with a focused and fundamental approach to investing in publicly traded u. A letter from starboard value april 11, 2018 dear fellow newell shareholders, today we are asking you to elect four new, highlyqualified directors to the newell brands inc. Starboard value began as part of ramius capital in 2002. Activist investor calls to replace corteva ceo, control board. Starboard value outlines plan to ipo macys real estate. Larger targets generally require a more creative strategic plan for value creation. Activist investor starboard value lp is again urging macys inc. Activist investor starboard urges macys to strike realestate deals. Yahoo, brinks home security, macys, darden restaurants, and papa johns pizza.

This presentation outlines the plan that we believe macys should follow. The real estate catalyst looks like a hot air balloon. Activist investor starboard exits macys stock sources. Starboard releases presentation on newell markets insider. Starboard value lp, the activist hedge fund that had pressured macy s inc to separate its real estate from its retail business, has sold its stake in the u. May 01, 2018 starboard value lp is a new yorkbased investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded u. Now lets try saving a slideshow with notes created during the presentation. M, announced that it has released presentation materials outlining starboard s proposed strategy and structures for unlocking. We believe macys owned real estate is extremely valuable and these real estate assets are underappreciated by the market.

Jeff smiths activist firm starboard value is out with a presentation on their position in darden restaurants dri. Nov 16, 2017 starboards more detailed proposal contemplates using its reit strategy to pay down most of the debt at core macys p. Given starboard value lps unprecedented success at olive garden parent darden restaurants inc. Activist investor starboard value would like to see macys inc. Starboard values presentation on transforming darden. Starboard value merged with the cowen group in 2008, and was cowens hedgefund until 2011, when it went independent. Macy s shares have dropped nearly 60% since starboard unveiled a position. Starboard value lp, the activist hedge fund that had pressured macys inc to separate its real estate from its retail business, has sold its stake in. Starboard values plan for macys doesnt create value. This would actually increase cash flow by lowering its interest burden and reduce risk to core macys shareholders by decreasing financial leverage at core macys. Starboard values presentation on advance auto parts market. Activist are raising longerterm capital and stretching their investment horizons with more ambitious strategies at larger companies.

Starboard provides the latest in infrared touch technology which is offered through its interactive flat panel displays. Activist hedge fund starboard value once had a plan for struggling department. This presentation outlines the plan that we believe macys should follow to create value for shareholders. Stock price performance from april 18, 2016 first day of trading as a combined company following jarden corporation acquisition to february 8, 2018 last closing day before newell confirmed receipt of starboard s director nominations. Jan 12, 2016 activist investor starboard value s jeff smith escalated his campaign at macy s get report monday by issuing a letter and 27page presentation urging the department store chain to separate its. Starboard value lp together with its affiliates, starboard, a significant shareholder of macy s, inc. Starboard interactive flat panel displays touchboards. Prnewswire starboard value lp together with its affiliates, starboard. Theyre pushing for change here and has put together a massive 293 slide deck illustrating the companys margin improvement opportunity, the need for a turnaround in its olive garden brand, among other things. In conjunction with todays discussion, please see the investor presentation furnished as an exhibit in starboard value acquisition corp. A primer on dardens real estate overview of starboard value lp starboard value lp is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value. Wachtell also worked with michael dell against icahns push to get more money out of the founders take private bid for dell inc.

Starboard, a new york hedge fund, claimed two victories on wednesday alone. May 15, 2017 although macys isnt the real estate company that, say, hudsons bay co. Jan 20, 2016 starboard s plan starboard value seems to have toned down its ambitions for macy s. About two months before starboards presentation, macys. Starboard says macys should tap real estate to halt slide. Starboard values presentation on advance auto parts. Starboard value is an american hedge fund that was founded in 2002 by jeffrey smith and. Starboard values plan for macys doesnt create value the. There are many levers to create value out of macys.

Jan 20, 2016 starboard value wants macy s to place its four flagship stores into a joint venture. Starboard value lp together with its affiliates, starboard, one of the largest shareholders of gcp applied technologies inc. Starboard releases presentation on macys real estate and. May 19, 2017 in a presentation, starboard value said macy s real estate was extremely valuable and these real estate assets are underappreciated by the market, as it outlined the case for converting macy s. Given starboard value lps unprecedented success at olive. Activist investor starboard value lp on monday sent a letter to the board of macy s inc. Home overview biographies jeffrey smith peter feld gavin molinelli. Macys or the company has an opportunity to unlock value for the benefit of all shareholders. In a letter and presentation the investor sent to macys management on. As usual, you will also find news, new investments and new shorts galore. Starboard seeks to invest in deeply undervalued companies and actively engage with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of. Starboards presentation on maximizing macys real estate is available. Out of patience, starboard value exits macys retail dive. Macys has the largest and most valuable real estate portfolio in the department store space macys real estate portfolio represents more than 100% of macys enterprise value.

497 137 1364 57 930 922 686 629 1166 1561 643 975 1233 309 639 437 1214 224 353 486 356 255 1268 801 894 187 679