The 13D Report
The 13D Report
Shareholder activism
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Research Team

activistcompany

Kenvue Inc (KVUE) and Starboard Value LP Enter into Cooperation Agreement

Key Summary: On October 20, 2024, Starboard issued an investor presentation discussing Kenvue Inc.'s recent performance and strategic
activistletters

Salesforce (CRM): Starboard Value Highlights Governance and Capital Allocation Gains, Pushes for Rule of 50 by 2028

Summary Starboard’s October 2024 Pfizer presentation argues that while Pfizer played a historic role in ending the COVID-19 pandemic
activistletters

Starboard Value Sees Kenvue (KVUE) Undervalued, Urges Stronger Execution and Margin Recovery to Unlock Shareholder Value

Summary Starboard’s October 2024 Kenvue presentation argues that the company owns one of the strongest consumer health brand portfolios
activistletters

Starboard Value Sees Salesforce (CRM) Undervalued, Urges Efficiency, Margin Expansion, and Shareholder Value Focus

Summary Starboard’s October 2024 presentation highlights Salesforce’s sharp margin expansion—over 1,000 basis points since FY2023—leading
activismweekly

13D weekly report - Oct 14, 2024 to Oct 18, 2024

Table of content JANA Partners and Continental Grain Company to Engage with Lamb Weston Holdings (LW) on Strategic Issues Key
activistletters

Osmium Partners Supports Kirkland’s (KIRK) Beyond Deal, Endorses Convertible Loan and Equity Subscription Plan

Summary Osmium Partners wrote to Kirkland’s, Inc. supporting its $17 million financing deal with Beyond, Inc., which includes an
activismweekly

13D weekly report - Oct 14, 2024 to Oct 18, 2024

Table of content JANA Partners and Continental Grain Company to Engage with Lamb Weston Holdings (LW) on Strategic Issues Key
activistcompany

Winvest Investment Fund Plans Engagement with LogicMark (LGMK) on Strategy and Leadership

Key Summary: On October 18, 2024, The Winvest Investment Fund Management Corp. (67.2%) announced plans to engage with the
activistcompany

JANA Partners and Continental Grain reaches agreement with Lamb Weston (LW)

Key Summary: On October 18, 2024, JANA Partners and Continental Grain Company announced plans to engage with the board and
activismweekly

13D weekly report - Oct 07, 2024 to Oct 11, 2024

Table of content EcoR1 Capital secured Board seat in Galapagos (GLPG) Key Summary: On August 23, 2024, EcoR1 Capital (9.
activistletters

Murchinson Pressures Nano Dimension (NNDM) Board on AGM Timing, Seeks Director Changes and Shareholder Approval Safeguards

Summary Murchinson, one of Nano Dimension’s largest shareholders, sent an urgent letter reminding the board that the company must
activistletters

Cracker Barrel (CBRL): Biglari Capital Blames Board for $2.9B Value Loss, Seeks Turnaround and Director Seats

Summary Biglari Holdings, owning 9.3% of Cracker Barrel, blasted the board for destroying over $2.9 billion in shareholder
activistcompany

TAFE Enters Cooperation Agreement with AGCO Corporation (AGCO)

Key Summary: On September 30, 2024, TAFE issued an open letter to shareholders voicing concerns over the company’s governance,
activistletters

TAFE presses AGCO (AGCO) for governance overhaul, capital allocation discipline, and a strategic transformation with new independent directors

Summary TAFE, AGCO’s largest shareholder (16.3%), says years of strategic missteps and weak execution under Chair/CEO Eric
activistcompany

JANA Notifies Rapid7, Inc (RPD) of Kevin Galligan’s Board Appointment

Key Summary: On September 27, 2024, JANA Partners and Cannae Holdings disclosed a 6.4% stake and reported discussions with
activismweekly

13D weekly report - Sep 23, 2024 to Sep 27, 2024

Table of content JANA Partners and Cannae Holdings Disclose 6.4% Stake and Engage in Discussions with Rapid7, Inc (RPD)
activistletters

Southwest Airlines (LUV): Elliott Management Seeks Special Meeting, Slams Board Over “False Record Dates” and Failed Leadership

Summary Elliott Investment Management, Southwest Airlines’ largest outside shareholder, announced it will formally call a special meeting in the coming
activistcompany

Dream Chasers Challenges Carver Bancorp, Inc (CARV) AGM Results, Demands Transparency and Accountability

Key Summary: On July 23, 2024, Dream Chasers Capital Group LLC (5%) stated that it was nominating two new directors