Shareholder Value News
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Updated 30 minutes ago
NetApp Inc., the data-storage company under pressure from an activist investor to boost shareholder value, said it’s cutting jobs and planning to return cash through stock buybacks and dividends.
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U.S. stocks declined, after the Standard & Poor’s 500 Index climbed four straight weeks, as investors weighed the pace of central bank stimulus efforts amid corporate dealmaking.
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Elliott Management Corp. took a significant stake in NetApp Inc., pressing the data-storage company to change its board and study options to boost shareholder value, people familiar with the situation said.
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Sony Corp. has a $100 billion reason to consider Daniel Loeb’s breakup proposal.
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Hartford Financial Services Group Inc., the insurance company pruning operations after an activist investor urged it to split up last year, hired Deutsche Bank AG to seek a buyer for its Japanese business, people with knowledge of the matter said.
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Billionaire Nelson Peltz’s hedge-fund management firm doubled its stake in Mondelez International Inc., and bought 8.1 million PepsiCo Inc. shares, amid speculation he’ll push for the companies to combine.
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Ralph Whitworth’s Relational Investors LLC increased its holding in Canton, Ohio-based manufacturer Timken Co. in the first quarter as he pressured the company to sell its steel unit.
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Olam International Ltd., the commodity trader targeted by short-seller Carson Block, said its third-quarter profit gained 10 percent as sales volumes jumped at its grains business.
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IOI Corp., Malaysia’s second-biggest palm oil producer by market value, said it plans to spin off its property assets for a separate listing to boost its profile and unlock shareholder value.
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Potential acquirers who agree with Corvex Management LP that TW Telecom Inc. is an attractive takeover candidate would have to pay one of the industry’s highest valuations to get a deal done.
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