All quotes delayed a minimum of 15 minutes. Politan Capital Management. This is a board that is desperately in need of refreshment the average tenure of the current Board is 11 years and the average age of the directors is 70 (both would be higher but for the new directors added only because of the WellCare merger). 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. At last week's investor day, the company said it expects to add $10 billion in revenue to reach $135 billion for full year 2022, and it said it is on the path to double-digit earnings growth for the next three years. Prior to that, he led the activist practice at DE Shaw and before that he was at Elliott Associates. Centene has previously attracted interest from activist hedge funds when Corvex Management, Sachem Head Capital Management and Third Point all pushed for it to consider selling itself. We want to hear from you. We act innovatively and think ahead. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Masimos bylaws eliminate stockholders ability to nominate directors and restrict stockholder voting to only those candidates selected by the incumbents. Date Filing Type Reported Sold Incremental Cash Type Exemptions Link to Raw Filing; 2022-09-16 Amended: $185,218,748: $185,218,748: Companies now face attacks throughout the year from all angles and by both familiar and unfamiliar aggressors. 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. 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. Masimo, broadly speaking, insists that Delaware courts must uphold corporations discretion to require disclosures from would-be board members who may have ulterior motives. Sign-up 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. To embed, copy and paste the code into your website or blog: See here for a complete list of exchanges and delays. Politan Capital Management has had 1 exit, which was Masimo. You can read more about your. When completed, an email will be sent to the email address you specify But even as sustainability issues will take a backseat to economics in many new campaigns, look for activists to continue leveraging them when it suits their goals. for POLITAN CAPITAL MANAGEMENT LP, Top 20 equal-weighted holdings. However, they will also not back down from a proxy fight if their hand is forced: Koffey showed that at CoreLogic and Hess. Customer Service. Over the past months we have tried to engage constructively with Mr. Kiani and the Board. 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. Thanks to our modern infrastructure and research and development division, we develop unique, often patented solutions which are appreciated by our customers. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. This company needs for the first time since it went public, a board of experienced directors and fresh eyes to hold management accountable and develop a comprehensive succession plan. or to simply have an email sent to you whenever we receive a new GREAT RESOURCES - STRONG PARTNER. Politan and Politan GP share facilities . Masimos array of defensive measures is extreme: a staggered board, a poison pill, a change of control provision in its CEO compensation that is triggered just by two directors being replaced, and now these bylaws. our sites and services. But in a client alert issued last month, Sidley Austin which, keep in mind, bills itself as a specialist in helping companies defend against activist hedge funds said that Masimo was flying close to the sun and risked undermining reasonable and appropriate advance notice bylaws.. This segment offers its services and products to state programs, correctional facilities, healthcare organizations, employer groups, and other commercial organizations. The company's shares rose 7 percent Wednesday after reporting broke of . An operator or ISP must account for 3% or more of total test samples in the market to be on this list. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. You will be notified in advance of any changes in rate or terms. Get the latest business insights from Dun & Bradstreet. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Politan had held discussions with the St. Louis-headquartered company to push for new board members to be added. Morgan Stanley & Co LLC, First Republic Securities Company LLC. Politan Capital Management is an investment firm founded by Quentin Koffey. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. The pressure comes in an effort to motivate Centene's stocks, which haven't seen the growth that its peers' have, the Journal reported. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Mr. Politan is also a member of the Global Finance Practice Group. Russian TV Touts a Big Victory in Ukraine. The Company's current operating status is Active Company Info DOS ID: 6283541 Current Entity Name: POLITAN CAPITAL PARTNERS L.P. Incorpration Date: 2021-09-17 Company Status: Active Entity Type: Issuer's Identity 2. He will become executive chairman but will not keep that position beyond 2022. These companies are located in Dover DE and New York NY. site you are consenting to these choices. Bumpitrage: As Activists Increasingly Attack Deals, How Can Companies Prepare? These acquisitions need to be integrated and operations need to be centralized. Under the new rules, shareholders voting by proxy in contested director elections can use one card to vote for a combination of director nominees from competing slates, just as if they were voting in person. Customer Service. Any shareholders that can summon the energy and ambition and the capital to match can exercise their right to fight. email address below and choose 'Submit'. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. In this pro-ESG vs. anti-ESG environment, institutional investors the electorate whose support activists need to win any proxy contest may look to evaluate ESG-oriented proposals and campaign themes more on their ability to create more-immediate shareholder value. Cryptopolitan - #crypto #AlphaMaven De-SPACed companies those that have gone public through a merger with a special purpose acquisition company (SPAC) have become especially vulnerable to activist attacks. 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. But for companies involved in M&A, bumpitrage is no joke. Percentage Ownership: 8.4%. Politan asserts that the bylaw contravenes Delaware law by entrenching Masimos management and interfering with shareholders right to vote for directors. I dont envy Cook, who joined Chancery Court only in September. 1. activist campaigns that may turn into full-fledged proxy fights. Copyright 2023 CB Information Services, Inc. All rights reserved. Politan Capital Management LP, a newly established hedge fund led by veteran activist Quentin Koffey, has a roughly $900 million stake in Centene and has spoken to the company about replacing. Download 13F Summary Stock Market Value: $44.2B ($75.86 per share). Badlapur is a small town located in the Politan Gion of Maharashtra. Auditor. and a top 10 holdings concentration of 100.0%. 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. 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. Principal Place of Business and Contact Information 3. 1. containing a link to download the .zip file of the CSV file(s) you requested. 1.3. hestia at pitney bowes . Brummer Multi-Strategy, the multi-strategy fund that invests in the hedge funds under the umbrella of Brummer & Partners, redeemed its 1.2 percent allocation to . Six board members will be leaving and Michael Neidorff, 77, who has led Centene since 1996, will retire as CEO next year, the company said. Their business is recorded as FOREIGN LIMITED PARTNERSHIP . In the legend, a master craftsman creates wings of feathers and wax for himself and his son to escape danger. This requirement ignores the standard confidentiality obligations investment managers have by requesting information the stockholder is unlikely to have, has no right to obtain and otherwise is obligated to keep confidential. Politan GP is an affiliate of Politan and serves as the general partner of clients that are organized as U.S.certain and Cayman Islands exempt limited partnerships. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Subscribe to WhaleWisdom to view all filing data 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. Custodian. Daniel Loeb's: Third Point. Masimo, meanwhile, contends in a countersuit against Politan that the company's advance notice bylaw is a legitimate way to assure that shareholders have sufficient information about proposed board candidates including dissident candidates potential conflicts before they vote on corporate directors. Securities law guru John Coffee of Columbia Law School said in a blog post in October that requiring activist hedge funds to disclose their own backers advances the goal of greater transparency. Coffee derided Chicken Little-like predictions that such disclosures would pose an existential threat to activist campaigns. 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. The new board will look at internal and external candidates to replace Neidorff, the company said. Sustainable Capital: To ESG or Not to ESG? Enter your details below. You can read more about your cookie choices at our privacy policyhere. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 801-122191 Form of Organization Limited Partnership Legal Domicile DE, United States Registration SEC Contact Details Phone 000-000-0000 Partners. Quentin Koffey, Managing Partner and CIO of Politan, stated: "We are taking this legal action because Masimo has left us no other option for preserving our rights as stockholders. Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company") (NASDAQ: MASI), filed a lawsuit in the Court of Chancery of the State of Delaware today against the Company and its Board of Directors (the "Board"). Past months we have tried to engage constructively with Mr. Kiani and the Capital to match can exercise right... 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