Investment Advisor Yet they do have some strategies they can turn to conducting a corporate governance analysis, carrying out a carefully designed public communications campaign, readying a comprehensive break glass in case of emergency plan, and many more. Politan Capital Management LP c/o Schulte Roth & Zabel LLP 919 Third Avenue, Suite 2300 New York, New York 10022 646-690-2830 With a copy to: Richard M. Brand Cadwalader, Wickersham & Taft LLP. Ernst & Young Ltd, Ernst & Young LLP. Activist Disclosure: How Will Politan v. Masimo Play Out? NEW YORK, October 21, 2022 -- ( BUSINESS WIRE )--Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company"). Politan recently submitted a draft nomination notice with more than 100 pages of information about the firm and its Managing Partner, Quentin Koffey. New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. Investments Number of Investments 1 Number of Lead Investments 1 Politan Capital Management has invested in Masimo on Aug 15, 2022. Already a member? You can change your choices at any time by visiting your privacy controls. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. The company's shares rose 7 percent Wednesday after reporting broke of . Following this conversation, we asked to meet with the whole Board. Mr. Politan focuses his practice on domestic and cross-border energy-related transactions, including mergers and acquisitions, financings [] Politan Capital reportedly took a $900 million stake in Centene Corp. ( CNC) last year and in December the company reached a cooperation agreement with the activist. Politan and Politan GP share facilities . For this reason, activists with ESG-related ambitions will be thinking more about the economic arguments in their proposals, and crafting them to ensure that the sustainability reforms they advance stay focused on the bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. Part of the reason why Centene's margins lag its peers is because it has been growing primarily through acquisitions, most recently acquiring WellCare at a transaction valued at $19.6 billion. Politan Capital Management is based out of New York. Because the company adopted the new disclosure requirements after Politan said it wanted to engage with corporate management, Sidley said, the bylaw might be subject to enhanced scrutiny. Most recently, Koffey led the activism strategy at Senator Investment Group. The Board cannot create its own set of rules by which it is elected and deny stockholders the ability to select who represents them. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. [2]: Politan Capital Partners GP LLC: 2: EDGAR Form CIK 2011 - 2022; 13F-HR: SC 13D: Form 13D/13G Filer Form 13D/13G Subject Filed; Politan . and a top 10 holdings concentration of 100.0%. Business: Centene operates as a multi-national health-care enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Companies hoping to mitigate the risk of bumpitrage now need to prepare thoroughly for the possibility that an activist or even a long-term shareholder could strike. After repeated requests, Mr. Kiani finally agreed to a meeting, during which we expressed our interest in obtaining representation on Masimos Board and made clear that Politan was approaching the situation with an open mind, would reserve judgment on any of Masimos strategic initiatives and had a long-term focus with the substantial majority of our capital committed for three to four years. Welcome to. Politan has compared the discovery dispute to litigation over plaintiffs demands for corporate books and records, arguing that Masimo should not be allowed to use the backdoor of discovery to obtain investor information thats at the heart of the funds challenge to the merits of the bylaw. Performance numbers calculated through 2022-11-14. As sure as the seasons would turn, proposals would begin to appear around the holidays, voting would follow in the spring, and proxy contests would be over by the start of the summer. Politan Capital Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $1,172,004,771 (Form ADV from 2022-07-25). Centene's stock price climbed 0.83% in early trading on Tuesday. Masimo separately subpoenaed EnTrust Global Partners LLC, based on a Wall Street Journal report last August that the investment fund is backing Politans activist campaign for Masimo board seats. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Universal Proxy Cards: Will the SECs New Rules Produce Change in the Boardroom? Opinions expressed are those of the author. Fund AUM and Sold ($) 900 720 540 360 180 0 2011 2015 2019 2023. Hotels near Zeithain Station, Riesa on Tripadvisor: Find traveler reviews, 575 candid photos, and prices for 614 hotels near Zeithain Station in Riesa, Germany. Politan Capital Management has made 1 investments. to see more advanced email alert options such as selecting any type of Victor Mashaal's: Senvest Management. The discovery fight that Cook will oversee at Tuesdays hearing will determine whether Masimos lawyers get an early look at the very information its advance bylaw would require Politan to disclose. However, they will also not back down from a proxy fight if their hand is forced: Koffey showed that at CoreLogic and Hess. But it could affect corporations' ability to scare off activist hedge funds merely with the threat of unmasking backers through discovery demands. Politan's registration on Form ADV also covers Politan Capital Partners GP LLC (" Politan GP "), a Delaware limited liability company. Centene in July laid the groundwork for a succession plan when it established its office of the president and Neidorff said recently in public that he would not expect to be renewing his contract as CEO, the company said. Get this delivered to your inbox, and more info about our products and services. Politan is likely going to strongly advocate for Burdick and DeVeydt as directors. Names of any stockholders who have expressed any support for the nominations (not just financial support). Law firm Sidley warns clients about rules that may hinder activists, CEOs, not proxy cards, are what fuel activists, Koffey's Politan takes 9% stake in Masimo, to push for change. Howard Marks's: Oaktree Capital Management. View the latest funds and 13F holdings. Hes going to have a lot to think about on Tuesday. Politan Capital Partners LP. You can read more about your. Principal Place of Business and Contact Information 3. He will become executive chairman but will not keep that position beyond 2022. [1]: Future plans to nominate directors at other public companies in the next 12 months as well as details on any prior proposals or nominations made within the last 36 months. On Nov. 20, Disney replaced Chapek as CEO Bob Iger, who had led the company from 2005 to 2020. Politan owns a roughly $900 million stake in Centene, which is valued at $46 billion. Got a confidential news tip? Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. All quotes delayed a minimum of 15 minutes. Now, every season is activist season, and companies would do well to consider five key questions as they prepare for the year ahead. And Politan Capital Management a large shareholder in Masimo is contesting them in Delaware court. 1.3. hestia at pitney bowes . POLITAN CAPITAL MANAGEMENT CRD No. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. The company's CEO is 78 years old and has served on the board for 25 years. Their last reported 13F filing for Q3 2022 included $1,661,104,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. A hedge fund and an electromechanical holding company inked deals at 106 West 56th Street, also known as The Six, Commercial Observer has learned. See here for a complete list of exchanges and delays. Percentage Ownership: 8.4%. Find out more about how we use your information in our privacy policy and cookie policy. Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company") (NASDAQ: M Politans specific ideas couldnt be learned. Carl Icahn: Icahn Carl C. Seth Klarman's: Baupost Group. According to the New York Times, "pressure [had] been building from activist investors, with Nelson . Politan Capital Management. Partners. These companies are located in Dover DE and New York NY. Industry: Pooled Investment Fund (See others in industry) Address: C/O Walkers Corporate Limited 190 Elgin Avenue George Town, Grand Cayman, E9, KY1-9008 Phone: 345-814-7600 . But those of Masimo Corp., the global medical technology company, are stronger than most. All quotes delayed a minimum of 15 minutes. Continue. Submit your Analyst Briefing to get in front of investors, customers, and partners on CB Insights platform. Their latest investment was in Masimo as part of their PIPE on August 8, 2022. 316047 | Last Form ADV Filed on 25 Jul 2022 | Registration: SEC Summary Details Export Identifying Information CRD No. Its Managed Care segment offers health plan coverage to individuals through government-subsidized programs, including Medicaid, state children's health insurance programs, long-term services and support, foster care, and Medicare-Medicaid plans. Since Masimos advance notice bylaw is the first of its kind, theres no directly relevant precedent on discovery demands. All Rights Reserved. When completed, an email will be sent to the email address you specify If Delaware courts bless Masimos tactic, Politan predicted in its complaint, scores of other companies can be expected to rush to adopt similar, or identical, advance notice bylaws, thereby, in Politans view, subverting shareholders right to elect dissident directors. The timing and sequencing was as predictable as insomnia for kids on Christmas Eve. Not long ago, companies could reliably project when shareholder activists would strike and ready their defenses in advance. Politan owned 12.9. Instead, all shareholders have a full quiver at their disposal, and activism is just one arrow. Burdick is the former CEO of WellCare who oversaw its margin improvement and DeVeydt is the former CFO of Anthem Inc. Mr. Politan is also a member of the Global Finance Practice Group. Heading into 2023, companies should make sure to keep a new reality in mind: Activists are no longer a category of shareholder. . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 1. Extra 20% Off Sitewide w/ adidas Promo Code, All Jeans + Pants 25% off! Koffey is operating Politan more like a private equity fund than a traditional long-short equity hedge fund, as it can draw down locked up capital to give it enough time to accomplish its goals through active engagement with boards and management teams to improve governance, operations or strategic direction. Expected Speed Range. 1. activist campaigns that may turn into full-fledged proxy fights. Stock Market Value: $44.2B ($75.86 per share). {"search": "/search", "clicked": "/clicked", "portfolio_add": "/portfolio-add", "portfolio_remove": "/portfolio-remove", "portfolio_create": "/portfolio-create", "portfolio_activate": "/portfolio-activate", "portfolio_delete": "/portfolio-delete", "portfolio_rename": "/portfolio-rename", "portfolio_color": "/portfolio-color", "home_filter": "/home-filter", "htmlspeed": "/htmlspeed", "add_tag_firm": "/add-tag-firm", "add_tag_click": "/add-tag-click", "copy_aum": "/copy-aum", "stripe_checkout": "/stripe-checkout", "update_card": "/update-card"}, {"uid": 48314412, "pid": -1, "pid_a": [], "name": "", "email": "", "blacklist_f": false, "paywall_f": false, "paywall_n": 0, "random_n": 0}, Morgan Stanley & Co LLC, First Republic Securities Company LLC. This will schedule a job to export all requested 13f holdings data for this filer. If Politan prevails, boards at other companies could see their advance-notice bylaws which are generally far less strict thrown out under similar legal scrutiny. POLITAN CAPITAL PARTNERS GP LLC Company Number 6105323 Incorporation Date 22 July 2021 (over 1 year ago) Company Type Domestic Limited Liability Company Jurisdiction Delaware (US) Registered Address. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Details: Cara Lombardo and Juliet Chung were first to report that activist investor Politan Capital Management has taken a roughly $900 million stake in Centene Corp. Politan Capital Management LP is a newly established hedge fund led by veteran activist Quentin Koffey. BOSTON, Dec 14 (Reuters) - Centene Corp reached a deal with activist investment firm Politan Capital Management in which five new directors will join the managed care company . Issuer's Identity 2. In particular, Sidley highlighted potential concerns about the timing of Masimos bylaw. Masimos Recent Bylaw Amendments Following Politans Engagement Effectively Preclude Stockholders from Nominating Director Candidates and Are Without Precedent, Politan Hopes for Constructive Engagement with Masimo Yet Now Needs to Defend Stockholder Rights in Court. Politan brought its lawsuit against Masimo in October, after Masimo adopted a new so-called advance notice bylaw that, among other things, would require investment funds that have nominated a candidate for Masimos board to disclose information about their own financial backers to other shareholders in advance of proxy voting for directors. Proxy voting next spring will be the first full season under the SECs new rules requiring that management and shareholders use universal proxy cards in contested director elections. This is the complete list of all insitutional investors and hedge funds that have filed an SC 13D with the Securities and Exchange Commission (SEC) within the last 12 months. We, Yahoo, are part of the Yahoo family of brands. Vinson & Elkins: Every Season Is Activist Season: Five Big Questions for 2023, Hedge Fund, Electromechanical Company Take Space at 106 West 56th Street, Insider buying: This CEO bought roughly $5 million of his stock after an activist investor lawsuit, Centene to shed Magellan Specialty Health for more than $600M, Medtech Company Invents Fentanyl-Level Poison Pill Fatal To Shareholder Activism. So many activists that fell short under the old rules may well suffer the same fate under the new ones. But, this process has to start at the Board, and this is where Koffey's activist expertise will come into play. Masimos robust advance-notice bylaws require that shareholders seeking to nominate directors disclose certain information about the nominating shareholders investors, alongside a wide range of other revealing information. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. NEW YORK, (BUSINESS WIRE) -- Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the. Politan says that Masimo's "harassment" of EnTrust shows exactly why funds don't want to reveal their investors. The Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; and vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. Open Menu Close Menu . Alt Turnover is calculated by taking either the total MV of new purchases or Documents and information concerning Politans investors and financial backers are directly relevant to the claims and defenses at issue, Masimo said. Koffey, who previously worked at hedge funds Senator Investment Group and DE Shaw, has a reputation for operating behind the scenes and has been credited with helping push Lowe's Cos (LOW.N) to replace executives and board members. LOUIS, Nov. 3, 2021 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today issued the following statement with regard to Politan Capital Management: Centene's Board of Directors and management. The battle is joined by an extreme version of such bylaws adopted by the board of Masimo Corporation, a $7 billion medical device maker led by billionaire founder Joe Kiani, after Politan Capital, a hedge fund run by veteran activist Quentin Koffey, disclosed an 8.8% stake, and Koffey expressed interest in board representation. The note references new requirements by Masimo Corp which would force Politan Capital or any other activist planning to nominate directors at the medical device maker to disclose the identities of the fund's limited partners and future plans to nominate candidates elsewhere. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. BOSTON, Dec 14 (Reuters) - Centene Corp (CNC.N) reached a deal with activist investment firm Politan Capital Management in which five new directors will join the managed care company's board and its chief executive will retire in 2022 after serving for a quarter of a century. While owning a house may provide a sense of stability and serve as a huge capital asset, taking a house on rent gives greater financial and physical flexibility . Daniel Loeb's: Third Point. 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