Irenicism

Arconic Completes Transaction with Apollo Funds

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金曜日, 8月 18, 2023
Automotive Manufacturing, Aerospace, Manufacturing, Construction & Property, Professional Services, Architecture, Asset Management, Steel, Packaging, Machinery, Machine Tools, Metalworking & Metallurgy, LLP, BMO Capital Markets, Apollo Global Management, Wachtell, Lipton, Rosen & Katz, TD, APO, ARNC, TD Securities, Goldman Sachs, Corporation, Acquisition, Wells Fargo, Willkie Farr & Gallagher, Paul, Weiss, Rifkind, Wharton & Garrison, NYSE, Financial adviser, Arconic, Irenicism

Arconic Corporation (“Arconic” or the “Company”) and Apollo (NYSE: APO) today announced that Apollo Funds have completed the previously announced acquisition of the Company, which includes a minority investment from funds managed by affiliates of Irenic Capital Management (“Irenic”).

Key Points: 
  • Arconic Corporation (“Arconic” or the “Company”) and Apollo (NYSE: APO) today announced that Apollo Funds have completed the previously announced acquisition of the Company, which includes a minority investment from funds managed by affiliates of Irenic Capital Management (“Irenic”).
  • Tim Myers, Arconic Chief Executive Officer, said, “The closing of this transaction with Apollo Funds brings new perspective combined with deep industry expertise that will benefit our customers, employees, investors, and the communities where we operate.
  • and Goldman Sachs & Co. LLC served as financial advisors to Arconic, and Wachtell, Lipton, Rosen & Katz served as legal counsel to Arconic.
  • Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds.

Irenic Calls on The Restaurant Group’s Board of Directors to Replace Chairman Ken Hanna Due to Mounting Corporate Governance Issues

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火曜日, 7月 11, 2023
Consulting, Professional Services, Finance, Rockefeller Capital Management, The Restaurant Group, LON, Antipathy, Entrepreneurship, Restaurant, Committee, Management, Irenicism

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Key Points: 
  • Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:
    “Over the past year, Irenic has attempted to work constructively and privately with The Restaurant Group.
  • The response from the Board and management has been to dither and to delay.
  • This refusal to evaluate potential director candidates on merit runs counter to the Company’s stated corporate governance principles.
  • As such, we believe Mr. Hanna should resign, or the Board should take steps to appoint a new Chairman that can represent all shareholders.”

Arconic to Be Acquired by Apollo Funds

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木曜日, 5月 4, 2023
Machine Tools, Metalworking & Metallurgy, Other Manufacturing, Manufacturing, Steel, Attention, LLP, BMO Capital Markets, AS, Proxy statement, Wachtell, Lipton, Rosen & Katz, TD, WHEN, Culture, APO, ARNC, Telephone, TD Securities, Proxy, Goldman Sachs, Apollo Global Management, Suite, Corporation, ANY, Willkie Farr & Gallagher, Wells Fargo, Knowledge, Growth, Paul, Weiss, Rifkind, Wharton & Garrison, NYSE, Bank, Cryptocurrency, Financial adviser, Arconic, Irenicism

Arconic Corporation (NYSE: ARNC) (“Arconic” or the “Company”) announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion.

Key Points: 
  • Arconic Corporation (NYSE: ARNC) (“Arconic” or the “Company”) announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion.
  • “This transaction represents a realization of value for Arconic shareholders at a meaningful premium and enables the Company to execute its long-term strategic vision.
  • We are pleased to reach this agreement with Apollo,” said Fritz Henderson, Chairman of the Arconic Board of Directors.
  • and Goldman Sachs & Co. LLC are serving as financial advisors to Arconic, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Arconic.

Irenic Capital Comments on Withdrawal of Proposal to Combine News Corp and Fox

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火曜日, 1月 24, 2023
Professional Services, Finance, Collection, Fox, NWSA, News, Entrepreneurship, REA Group, News Corp, Fox Corporation, Letter, Dow Jones & Company, REA, Dow Jones, NWS, FOX, Rockefeller Capital Management, News Corporation, Management, Irenicism

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Key Points: 
  • Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:
    “Irenic is encouraged that Executive Chairman Rupert Murdoch and Co-Chairman Lachlan Murdoch have concluded that a combination with Fox is not in the best interests of News Corp and its shareholders.
  • This is the right decision.
  • Looking ahead, News Corp has an opportunity to create substantial value for its owners.
  • News Corp owns an exceptional – yet disparate – collection of assets and businesses that is worth far more than the Company’s current trading price.

Irenic Capital Announces Intent to Vote AGAINST Capricorn’s Proposed NewMed Merger and FOR All of Palliser’s Proposals at Upcoming General Meetings

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火曜日, 1月 24, 2023
Finance, Energy, Professional Services, Asset Management, Other Energy, LSE, Mass meeting, Entrepreneurship, FOR, Glenview Capital Management, Cryptocurrency, Irenicism, Palliser

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Key Points: 
  • Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:
    “Irenic appreciates the proactive steps taken by Capricorn’s Board of Directors (the ‘Board’) to facilitate an orderly transition and reiterates our intent to vote FOR the Palliser nominees at the upcoming Requisitioned General Meeting.
  • Moreover, we reiterate our intent to vote AGAINST the NewMed transaction whenever the reconstituted Board ultimately decides to hold this vote.
  • Since last fall, Irenic has opposed Capricorn’s proposed merger with NewMed and has encouraged the Company’s Board to terminate the transaction in favor of initiating an objective and speedy review of value-maximizing alternatives.
  • Irenic firmly believes such steps are the best path forward for Capricorn shareholders.”

Irenic Capital Addresses Capricorn Energy’s Shareholder Update and Reiterates Opposition to Proposed NewMed Transaction

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火曜日, 1月 10, 2023
Professional Services, Finance, Entrepreneurship, G&A, Tel Aviv Stock Exchange, Stifel, Core, Total, Capital expenditure, London Stock Exchange, NAV, Workforce, Sale, LSE, JV, Long-Term Capital Management, Renewable energy, Management, Risk management, Cryptocurrency, Security (finance), Bank, Irenicism, Palliser

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Key Points: 
  • Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:
    “Irenic believes Capricorn’s January 5th letter and presentation are error-ridden, misleading and simply unpersuasive.
  • The proposed NewMed combination lacks compelling industrial and financial logic and appears to require contortions to justify.
  • In contrast, we view Palliser’s plan as a superior alternative that delivers substantially higher value to Capricorn shareholders.
  • Capricorn appears to intentionally omit the following facts:
    NewMed’s share price has decreased approximately 12% since the initial transaction announcement.

Irenic Announces Support for Palliser’s Efforts to Requisition a General Meeting and Reconstitute the Board of Directors of Capricorn Energy

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月曜日, 12月 19, 2022
Professional Services, Other Energy, Other Professional Services, Energy, Finance, Asset Management, Entrepreneurship, EGM, Glenview Capital Management, LSE, Palliser, Management, Irenicism

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Key Points: 
  • Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:
    “Irenic applauds Palliser’s decision to requisition an EGM, which will provide Capricorn’s shareholders a much-needed opportunity to reconstitute a majority of the Company’s Board.
  • We agree with Palliser that Capricorn’s leadership has been dismissive of investor feedback and, in turn, has lost the confidence of shareholders.
  • Like many of our fellow shareholders, we strongly oppose the Company’s currently proposed merger with NewMed Energy Limited Partnership.
  • For more information about Irenic, please visit www.irenicmgmt.com .

Irenic Sends Letter to News Corp’s Special Committee Regarding the Need to Explore Value-Maximizing Alternatives to a Combination with Fox

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月曜日, 11月 21, 2022
Banking, Professional Services, Finance, Advertising, Multimedia, The Wall Street Journal, Letter, Acquisition, News Corporation, REA, Growth, Sun, The Times, News media, NWS, Fundamental, Book, Research, Mortgage Choice, MTV (Canadian TV channel), Wall Street, Information services, Canadian House of Commons Special Committee on Electoral Reform, Publication, Dow Jones & Company, Dow Jones, Sale, Fox, HarperCollins, Finishing Move Inc., Fox Business, Cerberus Capital Management, Corporate title, Committee, NWSA, Dow, News, Collection, Fox Corporation, Disclosure, REA Group, Publishing, Management, Security (finance), Risk management, Property management, News Corp, Irenicism

We would be happy to own these businesses for a long time, and we believe most News Corp shareholders think the same.

Key Points: 
  • We would be happy to own these businesses for a long time, and we believe most News Corp shareholders think the same.
  • As Mr. Thomson put it just this August:
    The News Corporation of 9 years ago is not the News Corporation of now.
  • We have no doubt that the majority of News Corps unaffiliated shareholders, including Irenic, will vote against any deal that undervalues the Company.
  • We hope this letter and accompanying analysis facilitates productive engagement between the Special Committee and the shareholders that it serves.

Irenic Sends Letter to the Board of Directors of Capricorn Energy

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水曜日, 10月 19, 2022
Asset Management, Professional Services, Business, Finance, Logic, G&A, Chiron, Sale, Risk, Shell, Lawyer, Achievement, Natural gas, NAV2, COVID, APA, Research, Investment, JV, Penny sterling, Company, Acquisition, Industry, APA Corporation, Proposed mergers and relocations of the Fitzroy Football Club, Board, Face, Irenicism, LSE, Carrier oil, Letter, PSC, Tullow, NAV, Bank, Security (finance)

We write to you today to share our views on the Companys recently announced merger (the Proposed Merger) with NewMed Energy Limited Partnership (NewMed).

Key Points: 
  • We write to you today to share our views on the Companys recently announced merger (the Proposed Merger) with NewMed Energy Limited Partnership (NewMed).
  • For these reasons, we urge the Board to abandon the Proposed Merger and proceed with a liquidation of the Companys assets in orderly fashion.
  • The word irenic is an adjective that describes conduct favoring, conducive to, or operating toward peace, moderation, or conciliation.
  • We appreciate your consideration and look forward to engaging with the Board on our proposal over the coming weeks.