Media Center

Search

11/9/2026

Vanguard Expands Proxy Vote Plan to Cover $8.2 Trillion in Funds

Bloomberg (11/09/26) Marsh, Alastair

Vanguard Group Inc. is expanding a program it says is designed to better reflect individual investor preferences at shareholder meetings. The move means that investors in all Vanguard’s U.S. equity funds, representing $8.2 trillion in assets, will be able to choose the voting strategy for their holdings, the Pennsylvania-based firm said in a statement on Monday. The changes, which encompass the world’s largest mutual fund — the Vanguard Morningstar Total Stock Market Index Fund — take effect next year. With its Investor Choice program, Vanguard is part of a growing shift among major U.S. asset managers including BlackRock Inc. (NYSE: BLK) and State Street Corp. (NYSE: STT). The firms say such proxy voting programs offer investors greater choice while reflecting a diversity of client opinions. The rise of so-called pass-through voting has coincided with greater political scrutiny in the United States of the extent to which money managers appear to support proposals tied to environmental, social or governance (ESG) goals. The Investor Choice program can help allay any potential concerns about an asset manager’s voting biases, John Galloway, global head of investor engagement at Vanguard, said in an interview, noting that the firm also engages with policymakers. “We have over 50 million individual investors in the United States, and tens of millions more internationally; those individuals have a wide range of perspectives,” Galloway said. “And actually what Investor Choice program participation is showing us is we were right: it's kind of like a normal distribution, they're across the spectrum.” Clients signing up to the program can select a proxy voting policy that's aligned with their preferences, such as voting with management or prioritizing ESG. That then determines how their proportion of the fund votes at public company shareholder meetings on decisions spanning board posts, executive pay and core ESG themes. However, the pass-through system doesn't typically allow an individual investor to choose how their shares are allocated in voting for every individual ballot. Vanguard has offered its clients access to Investor Choice since 2023. With the latest update, the amount of assets encompassed by the program has doubled.

Read the article

11/9/2026

Whitbread Shareholders Reject Activist Investor’s Push for Board Seat

City AM (11/09/26) Armstrong, Felix

Whitbread (LON: WTB), the owner of Premier Inn, has defeated Corvex Asset Management’s attempt to secure a board seat for director James Gemmel. More than 83% of votes at Monday’s general meeting opposed the appointment, giving the hospitality group a decisive victory. Corvex had criticized Whitbread’s capital allocation, particularly its £1.1 billion expansion in Germany, and demanded a comprehensive review of its spending strategy. The company rejected the proposal, arguing that its existing turnaround plans had only recently been developed. Whitbread plans to return £2 billion to investors through a strategy that includes selling its standalone restaurant chains, Beefeater and Brewers Fayre, cutting nearly 4,000 jobs, and raising £1.5 billion by selling the freehold rights to additional hotels. The measures partly respond to unexpectedly higher business rates affecting hospitality companies. Whitbread operates approximately 850 Premier Inn hotels across the UK. Chair Christine Hodgson thanked shareholders for supporting the board and said the company would continue implementing its five-year plan, targeting stronger margins, cash flow, and shareholder returns. Whitbread shares fell 1.9% to 2,774 pence following the vote, although they have risen approximately 19% over six months. Corvex managing partner Keith Meister argued that Whitbread’s structural complexity and capital allocation had produced persistently negative returns over one-, three-, five-, and ten-year periods.

Read the article

11/6/2026

Toms Capital Management and Kimmeridge Energy Management Renew Calls for Devon Energy to Sell Itself

Seeking Alpha (11/06/26) Surran, Carl

Devon Energy (NYSE: DVN) edged higher in Friday's trading after reporting better than expected Q3 adjusted earnings, and two investors renewed calls for the company to sell itself. Q3 net profit rose to $1.01 billion, or $0.88/share, from $687 million, or $1.09/share, revenue jumped 58% Y/Y to $6.86 billion, and production nearly doubled to 1.66 million boe/day from the year-earlier quarter, boosted by the Coterra Energy acquisition. Devon said it completed the strategic review of its assets, which was launched following investor pressure to streamline its portfolio, and it now plans to focus on Permian operations while retaining its Anadarko, Marcellus, and Rockies assets. The plan suggests "additional divestitures are unlikely to be imminent and would instead be opportunistic," Siebert Williams Shank analyst Gabriele Sorbara said. "Along with the soft third-quarter oil production and fourth-quarter guidance, this could put some pressure on the stock." Toms Capital Management said it is "profoundly disappointed that Devon has concluded its strategic review and determined that not selling additional assets represents the best path forward." "We are confident that interested parties exist for the entire company who would be willing to pay a substantial premium, and we expect the board to follow through on its commitment to engage with them," Toms Capital said. Separately, Kimmeridge Energy Management said that retaining Anadarko, Marcellus, and Rockies assets dilutes the strategic focus of the company. "Calling these assets 'complementary' does not make them strategic, it simply underscores the board's unwillingness to make the difficult decisions necessary to unlock shareholder value," Kimmeridge managing partner Mark Viviano told Bloomberg. "The Devon board has forfeited any credibility to pursue yet another standalone strategy, and a sale of the entire company should be pursued."

Read the article

11/6/2026

Devon Shareholders Ramp Up Pressure to Sell While CEO Calls It a Distraction

Bloomberg (11/06/26) Wethe, David

Devon Energy (NYSE: DVN) faces renewed pressure from Toms Capital Management and Kimmeridge Energy Management to sell the entire company after ending its review of potential asset sales. Both investors criticized Devon’s decision to retain operations outside its core Permian Basin holdings, including assets in Oklahoma’s Anadarko Basin, Pennsylvania’s Marcellus region, and the Rockies. Kimmeridge argued these properties dilute strategic focus, while Toms said potential buyers could offer a substantial premium for the company. CEO Clay Gaspar defended the review, saying Devon remains open to opportunities that create shareholder value but wanted to end uncertainty surrounding possible asset sales. He also noted that the process had distracted employees concerned about whether their operations would be sold. Devon previously agreed in October to sell its Eagle Ford drilling assets in South Texas to Crescent Energy (NYSE: CRGY) for approximately $4.2 billion, following its May acquisition of Coterra Energy. Investors had urged the company to accelerate divestitures or pursue a full sale. Toms expects Devon’s board to engage with interested buyers, while Kimmeridge questioned the board’s credibility in continuing an independent strategy. Devon shares fell 1.4% on Friday and had gained 17% year to date, underperforming the S&P 500 energy sector’s 38% increase.

Read the article

11/6/2026

Ackman Says Howard Hughes Has Offers for Some Real Estate Assets

Bloomberg (11/06/26) Katgara, Dina

Howard Hughes Holdings (NYSE: HHH) is seeking to sell portions of its real estate portfolio to finance the expansion of Vantage Group Holdings, its recently acquired insurance business. Executive Chairman Bill Ackman, whose Pershing Square Capital Management owns 47% of Howard Hughes, said the company has already received offers for major assets since announcing the strategy in September. Initial transactions could occur within three months, with a goal of generating several billion dollars by the end of 2027. Potential investors include pension funds and family offices. Ackman aims to transform Howard Hughes from a real estate developer with an insurance subsidiary into an insurance-focused company with a real estate arm, drawing inspiration from Berkshire Hathaway’s investment model. Proceeds will help redeem approximately $1 billion in preferred shares held by Pershing Square, expand Vantage, and fund development in existing communities. Howard Hughes will also continue selling prepared land to homebuilders. At Teravalis, a community west of Phoenix, the company has sold land for more than $700,000 per acre, compared with the $17,000 per acre it paid five years earlier. Despite these opportunities, Howard Hughes shares fell as much as 5.2% Friday after its third-quarter results missed analysts’ expectations.

Read the article

11/5/2026

Vail Resorts Facing a Proxy Fight Over Its Board, Business Strategy

The Colorado Sun (11/05/26) Blevins, Jason

Vail Resorts (NYSE: MTN) faces a proxy fight ahead of its December 14 annual meeting as Oasis Management, which owns nearly 10% of the company, seeks two board seats and major strategic changes. Oasis argues that operational mismanagement, declining guest experiences, and weak shareholder returns have damaged the world’s largest ski resort operator, whose stock has fallen to a 10-year low. CEO Rob Katz is urging shareholders to support the incumbent board, citing recent initiatives such as discounted tickets and improved digital services to revive growth as Epic Pass sales slow. Vail also alleges that Utah billionaire Matthew Prince, who wants to acquire Park City Mountain Resort, is connected to Oasis’s campaign, a claim both parties dispute. Separately, shareholder Gregory Meyer is seeking a board seat, criticizing declining financial performance, rising debt, and acquisitions he considers overpriced. He proposes expanding Vail’s digital ecosystem through enhanced app features to improve customer engagement and profitability. Meyer also questions directors’ limited stock purchases, arguing that stronger accountability is needed. The competing campaigns reflect growing pressure on Vail Resorts to improve operations, restore investor confidence, and translate its extensive resort network into stronger financial returns.

Read the article

11/5/2026

Arkhouse Pushes Diller’s People Inc. to Pursue Buyback, HQ Sale

Bloomberg (11/05/26) Sun, Mengqi

Arkhouse Management is pressuring Barry Diller’s People Inc. (NASDAQ: PPLI) to take steps to boost its share price, arguing that the company’s assets are worth substantially more than its current market valuation. In a letter to Chairman Diller, Arkhouse urged People to repurchase at least $750 million in shares through a Dutch auction tender offer, sell its Manhattan headquarters for an estimated $300 million, and distribute contingent value rights tied to potential proceeds from its antitrust lawsuit against Alphabet. Arkhouse estimates People shares could be worth $72 to $86, compared with Wednesday’s closing price of $41.99, which valued the company at $3.1 billion. People owns media brands including Food & Wine and Entertainment Weekly, along with approximately 27% of MGM Resorts International (NYSE: MGM). After abandoning plans to acquire the remaining MGM stake, People saw MGM end discussions about a potential acquisition of the media company. Arkhouse argues that People’s nearly $1 billion in parent-level cash and lack of debt provide flexibility to address its undervaluation. The company recently laid off about 195 employees, or 6% of its workforce, and announced plans to resume share buybacks. Arkhouse is also considering other potential transactions.

Read the article

11/5/2026

Wendy’s Rejects Buyout Bid From Nelson Peltz and Adopts ‘Poison Pill’ Plan

Associated Press (11/05/26) Durbin, Dee-Ann

Wendy’s (NASDAQ: WEN) has rejected a $1.4 billion buyout offer from Nelson Peltz and his partners, saying the proposal substantially undervalues the struggling burger chain. The company’s independent directors unanimously rejected the bid and adopted a shareholder rights plan, known as a “poison pill,” to discourage a hostile takeover. The plan allows shareholders other than the potential acquirer to purchase discounted shares if an individual or group owns 15% or more of the company. Peltz’s Trian Fund Management and its partners already hold 16.3% of Wendy’s shares. The protections will remain in place for one year. Wendy’s stock surged 14% last Wednesday after news of Peltz’s offer and rose more than 2% Thursday as the company reported better-than-expected third-quarter results. The chain has faced mounting challenges from inflation, rising labor, food, and packaging costs, and price increases that have discouraged lower-income customers from visiting. The rejection signals that Wendy’s board prefers to pursue its own strategy rather than accept the current offer, while the takeover protections give the company additional time to address its operational and financial difficulties.

Read the article

11/5/2026

Tripadvisor Announces Departure of CEO and CFO

PhocusWire (11/05/26) Fox, Linda

Tripadvisor (NASDAQ: TRIP) announced that CEO Matt Goldberg will leave his position in mid-February 2027 after four years, while CFO Michael Noonan will resign at the end of December to pursue another opportunity. Kristen Dalton will become interim CFO on January 1, and the board is searching for permanent replacements. The leadership changes coincide with a restructuring aimed at simplifying the hotels and other business segments, reducing costs, and accelerating investment in its experiences business. Tripadvisor expects approximately $40 million in annualized gross savings, with $15 million to $20 million in pretax restructuring costs. The company has faced engagement from Starboard Value, which criticized the pace of change and secured four new board appointments. Tripadvisor’s third-quarter 2026 revenue fell 11% to $436 million, while it reported a $317 million net loss, largely due to a noncash goodwill impairment charge linked to weaker performance and declining profitability forecasts. Experiences revenue declined 3% to $285 million, while hotel revenue dropped 23% to $152 million. Adjusted EBITDA totaled $71 million, underscoring ongoing challenges as Tripadvisor prioritizes experiences for future growth.

Read the article
Next