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Activists Increasing Success Gaining Board Seats at U.S. Companies
New York - March 10, 2014


In another sign of the increasing influence of activist investors, the pace of activist campaigns resulting in board seats is running at a five-year high. In the first two months of 2014, activist investors were granted one or more board seats at 16 U.S. companies, the most since 2009 where 22 campaigns at 21 distinct companies resulted in board seats. Among the campaigns that resulted in board seats in January and February were those waged by prominent activists Elliott Management Corporation at Juniper Networks, Inc. and Compuware Corporation, GAMCO Asset Management Inc. at Ampco-Pittsburgh Corporation, JANA Partners LLC at QEP Resources, Inc., and Trian Fund Management, L.P. at Mondelez International, Inc. The full year campaign total resulting in board seats in 2013 was also a multi-year high.

The data includes all campaigns where activist investors attained board seats via a vote at a proxy fight, to settle a proxy fight, granted as part of other activist campaigns, or granted to prominent activists that are Schedule 13D filers but have not publicly agitated at the company, and is based on the date that the seat was granted or won. In 2013, the number of campaigns where the activist was granted a board seat without having to go to a shareholder vote increased by 9% from 2012 levels and 41% versus calendar 2011. Carl Icahn commented in a recent interview that even he was "surprised" by how often he is being invited to join company boards without having to launch a proxy fight. More.....

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