Billionaire Nelson Peltz's investment firm has acquired 699,700 shares of Consol Energy Inc. stock in recent months. Peltz's Trian Fund Management L.P. of New York disclosed in a quarterly securities filing that it owned stock in the Cecil-based coal and natural gas producer as of June 30. The shares were valued at $33.92 million.
J. Heinz Co. shareholders re-elected activist investor Nelson Peltz to the board of directors, the company said today at its annual shareholder meeting, where it announced first-quarter earnings are expected to exceed analyst expectations. Heinz shares jumped $1.79, more than 4 percent, to $44.36 in afternoon trading. They have traded between $40.33 and $48.73 during the past 52 weeks.
NEW YORK -- Strong earnings results and another round of corporate deals pushed stocks higher Wednesday. Family Dollar Stores Inc. rose 21 percent to $53.25 after investor Nelson Peltz's firm offered to pay up to $60 a share to take the discount retailer private. That was a 36 percent premium from Tuesday's closing price. Family Dollar rose the most of any stock in the Standard & Poor's 500 index.
[Nelson Peltz]'s solution is to raise share prices now, with a massive cost-cutting plan that would likely entail sizable job cuts. Peltz also wants seats on Heinz's 12-member board of directors for himself and four others - all of whom have dose ties to Peltz. Heinz has rejected Peltz's previous efforts to install supporters on the board. So Peltz is waging what's called a "proxy fight," in which an outside party tries to gain control of a company by appealing directly to its shareholders [see sidebar, "Squeeze Play"]. I don't think [this] thing has any chance of being settled with just a couple weeks to go," says CMU's [Robert Dammon]. "Plus it's gotten so nasty, I couldn't see Heinz say, 'OK, two or three of these guys would be acceptable.' "If Trian was out for the shareholder, th...
PORTLAND, Ore. - Discount retailer Family Dollar Stores Inc. on Tuesday received a bid from activist investor Nelson Peltz's firm to take the company private in a deal worth up to $7 billion. The Trian Fund is offering $55 to $60 per share for Family Dollar, according to a filing with the Securities and Exchange Commission.
Nelson Peltz's hedge fund has cut its holdings of H.J. Heinz Co. in half over the past three months. Trian Fund Management LP, Peltz's New York-based activist fund, held about 1 million Heinz shares as of Wednesday, according to a filing with the Securities and Exchange Commission. In June, Trian owned about 2 million shares, according to data compiled by Bloomberg.
Peltz buys more of Legg Mason Legg Mason Inc. board member Nelson Peltz has purchased an additional $4 million worth of company shares. According to a Securities and Exchange Commission filing Thursday, Peltz bought 144,600 shares at $28.08. Peltz, Legg's largest shareholder, now owns more than 10 million shares of its stock, or about 6 percent, in connection with his Trian Fund Management LP. Peltz joined Legg's board in October after the activist investor purchased more than 4 percent of the company's shares. He is limited to a 9.9 percent stake in the company.
Family Dollar Stores Inc. rejected a hostile takeover offer from Nelson Peltz's Trian Fund Management LP, saying it "substantially" undervalues its business and adopted a defense to discourage unsolicited offers. A plan outlined last year to accelerate store openings and remodelings, and to repurchase shares, is the best way to deliver value to shareholders, the Matthews, N.C.-based discount retailer said.
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