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These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from March 3 through March 9, 2022. Source: InsiderScore.com, a Verity company.
Activist Holdings
Turtle Beach (HEAR)
Donerail Group holds 1,185,816 shares of the maker of gaming headsets, including 600,000 that underlie exercisable options. Donerail shared an open letter to the public regarding its intention to nominate a slate of directors for election at Turtle Beach’s coming shareholder meeting. Donerail said that the move is necessary because Turtle Beach has refused to discuss taking itself private. The per-share value of the deal, which Turtle Beach rebuffed, was first pegged at $36.50. A revamped, all-cash offer of $32.86 per share was a nonstarter. Donerail said that it believes that the lack of engagement “highlights the entrenched nature” of Turtle Beach’s management. That, along with what Donerail believes to be “governance missteps” and the board’s “history of presiding over dismal operational performance,” mean that “it is time for urgent and sweeping change atop Turtle Beach.” Donerail currently owns a 7.3% stake in the company.
Mandiant (MNDT)
Blackstone (BX) disclosed a position of 22,680,948 shares in the cybersecurity firm.
Alphabet (GOOGL) announced on March 8 that it had agreed to acquire Mandiant for $5.4 billion, an all-cash offer that values the company at $23 per share. The deal ranks as Alphabet’s second-largest acquisition in its history, behind the $12.5 billion purchase of Motorola Mobility in 2012.
In connection with the Mandiant proposal, Blackstone entered into a merger-support agreement, and will vote all of its Mandiant shares in favor of the deal. Barring regulatory concerns, the transaction is expected to close this year.
Cano Health (CANO)
Third Point filed as an active investor on March 1, as it disclosed owning 11,500,000 shares of the primary-care-network operator. Third Point strongly urged Cano Health to begin a strategic review of its operations.
In late February, Cano Health delayed a conference call and 2022 guidance, as it planned a late filing of its 10-K. That, along with what Third Point believes to be the “market’s largely unfavorable view of companies taken public through special-purpose acquisition vehicles,” mean that a sale of Cano is the best option to drive shareholder value. Third Point holds 6.4% of Cano’s outstanding stock.
Increases
In Holdings
Janus Henderson Group (JHG)
Trian Fund Management has raised its interest in the asset-management firm to 29,772,648 shares, a 17.6% stake. From March 7 through March 9, Trian Fund acquired 1,500,000 Janus Henderson shares at prices ranging from $30.02 to $31.98. No reason was cited for the fresh investment.
Trian’s founders, Nelson Peltz and Ed Garden, were appointed to Janus Henderson’s board on Feb. 1 and will be up for re-election at this year’s shareholders meeting, set for May 4. Peltz and Garden left
Invesco’s (IVZ) board on Feb. 1 after overseeing improvement at that firm.
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