2023 Activist Cooperation Agreements

by | Dec 22, 2023

2023 Activist Cooperation Agreements

What Are Cooperation Agreements?

Activist cooperation agreements are strategic alliances between activist investors and companies, typically reached through negotiations. These agreements are designed to address the concerns and objectives of both parties, aiming to avoid contentious (and sometimes expensive) proxy battles and litigation. Activist investors, who acquire significant stakes in companies with the intention of influencing their strategic direction or corporate governance, may enter into cooperation agreements to secure board seats, implement changes in management, or advocate for specific operational improvements. These agreements offer a middle ground where both activists and companies find common ground to enhance shareholder value and avoid prolonged and costly conflicts.

Why Should Investors Care?

Investors should closely monitor activist cooperation agreements as they can significantly impact a company’s trajectory and shareholder returns. Successful resolutions through cooperation agreements can lead to improved corporate governance, increased operational efficiency, and enhanced shareholder value. Conversely, failed negotiations or disputes may result in prolonged uncertainty, negative publicity, and potential financial losses for both parties involved. By understanding the terms and implications of these agreements, investors can make more informed decisions about their portfolios.

 

List of 2023 Activist Cooperation Agreements

TICKER COMPANY Investor / Activist Cooperation Agreement Stock Change Since Announced Days Since 8-K Filings Announcing Cooperation Agreement
TBPH THERAVANCE BIOPHARMA INC Irenic Capital 12/21/23 3.28 1 TBPH – THERAVANCE BIOPHARMA INC – Irenic Capital Cooperation Agreement
BMRN BIOMARIN PHARMACEUTICAL INC Elliott 12/20/23 -1.43 2 BMRN – BIOMARIN PHARMACEUTICAL INC – Elliott Cooperation Agreement
LMNR LIMONEIRA CO Peter J. Nolan 12/18/23 -1.94 4 LMNR – LIMONEIRA CO – Peter J. Nolan Cooperation Agreement
OFIX ORTHOFIX MEDICAL INC Engine Capital 12/15/23 12.29 7 OFIX – ORTHOFIX MEDICAL INC – Engine Capital Cooperation Agreement
LHX L3HARRIS TECHNOLOGIES INC DE Shaw 12/11/23 3.22 11 LHX – L3HARRIS TECHNOLOGIES INC – DE Shaw Cooperation Agreement
SWX SOUTHWEST GAS HOLDINGS INC Carl Icahn 11/27/23 4.93 25 SWX – SOUTHWEST GAS HOLDINGS INC – Carl Icahn Cooperation Agreement
NRG NRG ENERGY INC Elliott 11/20/23 5.92 32 NRG – NRG ENERGY INC – Elliott Cooperation Agreement
HBI HANESBRANDS INC Barington 11/16/23 -4.58 36 HBI – HANESBRANDS INC – Barington Cooperation Agreement
MEIP MEI PHARMA INC Funicular, Cable Car, Anson 11/1/23 -9.97 51 MEIP – MEI PHARMA INC – Funicular, Cable Car, Anson Cooperation Agreement
BERY BERRY GLOBAL GROUP INC Ancora, Eminence 10/20/23 21.49 63 BERY – BERRY GLOBAL GROUP INC – Ancora, Eminence Cooperation Agreement
UNFI UNITED NATURAL FOODS INC JCP, James C. Pappas 9/26/23 -14.27 87 UNFI – UNITED NATURAL FOODS INC – JCP, James C. Pappas Cooperation Agreement
AUPH AURINIA PHARMACEUTICALS INC MKT 9/21/23 10.79 92 AUPH – AURINIA PHARMACEUTICALS INC – MKT Cooperation Agreement
CDLX CARDLYTICS INC CAS Investment Partners 9/19/23 -44.55 94 CDLX – CARDLYTICS INC – CAS Investment Partners Cooperation Agreement
CTLT CATALENT INC Elliott 8/29/23 -3.81 115 CTLT – CATALENT INC – Elliott Cooperation Agreement
FRPT FRESHPET INC JANA 8/21/23 9.76 123 FRPT – FRESHPET INC – JANA Cooperation Agreement
GMDA GAMIDA CELL LTD Community Master, Jeremy Blank 8/14/23 -75.94 130 GMDA – GAMIDA CELL LTD – Community Master, Jeremy Blank Cooperation Agreement
TPL TEXAS PACIFIC LAND CORP Horizon Kinetics 8/1/23 7.42 143 TPL – TEXAS PACIFIC LAND CORP – Horizon Kinetics Cooperation Agreement
STZ CONSTELLATION BRANDS INC Elliott 7/18/23 -7.34 157 STZ – CONSTELLATION BRANDS INC – Elliott Cooperation Agreement
RMBL RUMBLEON INC William Coulter, Mark Tkach 7/6/23 -22.94 169 RMBL – RUMBLEON INC – William Coulter, Mark Tkach Cooperation Agreement
QUOT QUOTIENT TECHNOLOGY INC Engaged Capital 6/6/23 32.12 199 QUOT – QUOTIENT TECHNOLOGY INC – Engaged Capital Cooperation Agreement
RTL NECESSITY RETAIL REIT INC Blackwells 6/5/23 16.72 200 RTL – NECESSITY RETAIL REIT INC – Blackwells Cooperation Agreement
GNL GLOBAL NET LEASE INC Blackwells 6/5/23 -2.41 200 GNL – GLOBAL NET LEASE INC – Blackwells Cooperation Agreement
TGI TRIUMPH GROUP INC Vision One 5/30/23 43.95 206 TGI – TRIUMPH GROUP INC – Vision One Cooperation Agreement
AOUT AMERICAN OUTDOOR BRANDS INC Engine Capital 5/26/23 13.77 210 AOUT – AMERICAN OUTDOOR BRANDS INC – Engine Capital Cooperation Agreement
SHAK SHAKE SHACK INC Engaged Capital 5/16/23 4.89 220 SHAK – SHAKE SHACK INC – Engaged Capital Cooperation Agreement
EVC ENTRAVISION COMMUNICATIONS CORP Alexandra Seros, Thomas Strickler 5/5/23 -26.41 231 EVC – ENTRAVISION COMMUNICATIONS CORP – Alexandra Seros, Thomas Strickler Cooperation Agreement
PRMW PRIMO WATER CORP Legion Partners 5/3/23 -0.4 233 PRMW – PRIMO WATER CORP – Legion Partners Cooperation Agreement
NGS NATURAL GAS SERVICES GROUP INC Mill Road Capital 5/2/23 39.64 234 NGS – NATURAL GAS SERVICES GROUP INC – Mill Road Capital Cooperation Agreement
PRPL PURPLE INNOVATION INC Coliseum Capital Management 4/21/23 -59.67 245 PRPL – PURPLE INNOVATION INC – Coliseum Capital Management Cooperation Agreement
PKE PARK AEROSPACE CORP Huffman Prairie 4/21/23 10.8 245 PKE – PARK AEROSPACE CORP – Huffman Prairie Cooperation Agreement
SMLR SEMLER SCIENTIFIC INC Eric Semler, William H.C. Chang 4/19/23 74.17 247 SMLR – SEMLER SCIENTIFIC INC – Eric Semler, William H.C. Chang Cooperation Agreement
ANIK ANIKA THERAPEUTICS INC Caligan Partners 4/13/23 -16.82 253 ANIK – ANIKA THERAPEUTICS INC – Caligan Partners Cooperation Agreement
FSTR FOSTER L B CO 22NW 4/7/23 66.64 259 FSTR – FOSTER L B CO – 22NW Cooperation Agreement
LDI LOANDEPOT INC Anthony Hsieh 4/5/23 120.13 261 LDI – LOANDEPOT INC – Anthony Hsieh Cooperation Agreement
AP AMPCO PITTSBURGH CORP Ancora 3/31/23 9.39 266 AP – AMPCO PITTSBURGH CORP – Ancora Cooperation Agreement
EHAB ENHABIT INC Cruiser Capital 3/30/23 -20.28 267 EHAB – ENHABIT INC – Cruiser Capital Cooperation Agreement
ENV ENVESTNET INC Impactive Capital 3/28/23 -8.9 269 ENV – ENVESTNET INC – Impactive Capital Cooperation Agreement
SMTC SEMTECH CORP Lion Point Capital 3/20/23 -28.02 277 SMTC – SEMTECH CORP – Lion Point Capital Cooperation Agreement
FLT FLEETCOR TECHNOLOGIES INC DE Shaw 3/20/23 39.16 277 FLT – FLEETCOR TECHNOLOGIES INC – DE Shaw Cooperation Agreement
APEI AMERICAN PUBLIC EDUCATION INC 325 Capital 3/20/23 127.59 277 APEI – AMERICAN PUBLIC EDUCATION INC – 325 Capital Cooperation Agreement
ONTF ON24 INC Indaba Capital 3/13/23 1.05 284 ONTF – ON24 INC – Indaba Capital Cooperation Agreement
MLR MILLER INDUSTRIES INC Lakeview Investment Group & Trading Company 3/10/23 35.69 287 MLR – MILLER INDUSTRIES INC – Lakeview Investment Group & Trading Company Cooperation Agreement
ACHV ACHIEVE LIFE SCIENCES INC Dialectic Capital Management 3/6/23 -35.57 291 ACHV – ACHIEVE LIFE SCIENCES INC – Dialectic Capital Management Cooperation Agreement
HRTX HERON THERAPEUTICS INC Rubric Capital Management 2/22/23 -28.54 303 HRTX – HERON THERAPEUTICS INC – Rubric Capital Management Cooperation Agreement
SLVM SYLVAMO CORP Atlas 2/15/23 6.28 310 SLVM – SYLVAMO CORP – Atlas Cooperation Agreement
KVHI KVH INDUSTRIES INC Black Diamond Capital Management 2/3/23 -50.1 322 KVHI – KVH INDUSTRIES INC – Black Diamond Capital Management Cooperation Agreement
KEX KIRBY CORP JCP Investment Management 2/3/23 10.82 322 KEX – KIRBY CORP – JCP Investment Management Cooperation Agreement
KSS KOHLS CORP Macellum Capital Management 2/2/23 -16.69 323 KSS – KOHLS CORP – Macellum Capital Management Cooperation Agreement
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC Carl Icahn 2/2/23 -29.13 323 IFF – INTERNATIONAL FLAVORS & FRAGRANCES INC – Carl Icahn Cooperation Agreement
MDU MDU RESOURCES GROUP INC Corvex Management, Keith A. Meister 1/24/23 -34.98 332 MDU – MDU RESOURCES GROUP INC – Corvex Management, Keith A. Meister Cooperation Agreement
IAA IAA INC Ancora 1/23/23 -7.34 333 IAA – IAA INC – Ancora Cooperation Agreement
VRAYQ VIEWRAY INC Hudson Executive Capital 1/20/23 -99.47 336 VRAYQ – VIEWRAY INC – Hudson Executive Capital Cooperation Agreement
GFF GRIFFON CORP Voss Capital 1/9/23 50.71 347 GFF – GRIFFON CORP – Voss Capital Cooperation Agreement
CHRW C H ROBINSON WORLDWIDE INC Ancora 1/6/23 -4.62 350 CHRW – C H ROBINSON WORLDWIDE INC – Ancora Cooperation Agreement
OESX ORION ENERGY SYSTEMS INC Kanen Wealth Management 1/4/23 -49.84 352 OESX – ORION ENERGY SYSTEMS INC – Kanen Wealth Management Cooperation Agreement
* Data as of Dec 22, 2023

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