Mon, Mar 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Activist hedge fund Jana Partners fails to gain seats in Agrium

Wednesday, April 10, 2013

From Precy Dumlao, Opalesque Asia – U.S. activist hedge fund Jana Partners suffered defeat Tuesday despite early confidence of a victory after it failed to gain two board seats in Canadian agricultural supplies company, Agrium.

According to a report by the Financial Times, it was a rare defeat for the $4.5bn hedge fund firm run by Barry Rosenstein.

Jana’s Rosenstein accused Agrium of changing the rules that resulted to his defeat. He was quoted as saying, "We have learnt however that after the vote deadline, enough votes for us were apparently revoked to change the outcome."

But Agrium’s president and chief executive Mike Wilson denied the charge and said that the re-election of the 12 incumbent directors nominated by the firm shows an overwhelming support of Agrium’s stockholders in its strategy.

Mike Wilson said he regretted that the process took 10 months to come to a resolution but he’s glad the proxy battle was over, The Globe and Mail reported. "I don’t know why they chose us. They obviously chose the wrong target," Mr. Wilson was quoted as saying about Jana. "Based on what I’m seeing, this is the new wave – people who are looking for short-term gain, versus long-term gain."

Before the balloting, Jana......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie