Newsroom
Explore our newsroom for our weekly wreck, press releases, and trending topics.
Weekly Wreck
Those involved in the hostile takeovers of the 1980’s were fighting for their livelihoods. As a result, they used the strongest possible terms to describe their opposition in an effort to fend them off.
In the past decade, share repurchases have drawn the ire of many, with critics arguing that they line the pockets of executives at the expense of long-term shareholder value.
The SEC’s Division of Corporate Finance issued Bulletin No. 14M, granting management greater freedom to exclude shareholder proposals from proxy ballots, notably those related to social and environmental considerations.
This installment aims to address some of those changes and, perhaps more importantly, their implications for those connected to the corporate proxy space and this proxy season.
At the March 20th annual meeting for Disney, shareholders will have the opportunity to vote on a proposal asking the company to report on climate risks to retirement plan beneficiaries.
The TSR over Mr. Bartolacci’s 18-year tenure has been less than 10%¹: the current strategy at Matthews is clearly not working.
Risk Commentary
Occasionally, a president makes massive changes in the status quo where the implications are felt for decades.
U.S. Treasury Secretary is pursuing a plan for 3% real economic growth, a reduction in the deficit to 3% of GDP, and an increase in oil production of three million barrels per day.
The pace of change over the next five to ten years is likely to be dramatic and widespread.
The political environment is critical for an industry’s health and, in turn, for the success of sophisticated institutional investment and risk managers.
Press Releases
Leading Independent Proxy Advisory Egan-Jones Recommends Shareholders vote AGAINST Anti-DEI Proposal at Upcoming Apple Meeting.
Independent proxy advisor Egan-Jones Proxy Services has recommended Magnet Forensics shareholders vote in favor of the plan of arrangement with Thoma Bravo. Public shareholders, all shareholders other than the Rolling Shareholders, will receive an all-cash consideration of CAD 44.25 ($34.80) per share. The arrangement is set to address the challenges related to Magnet's limited mobile extraction capabilities. Upon announcement of the transaction, the company's share price and implied multiples increased. Magnet Forensics is a developer of digital investigation software that acquires, analyzes, reports on, and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. Its software is used by more than 4,000 public and private sector customers in over 100 countries and helps investigators fight crime, protect assets and guard national security. Thoma Bravo, a private equity firm, has more than $73 billion in assets under management and specializes in software and technology-enabled services. The dissident shareholder, who has not been named, has argued that the proposed acquisition undervalues the company and that there are other potential buyers who could offer a better deal. However, Egan-Jones has concluded that the dissident has not offered a superior alternative that will maximize value creation. In its report, Egan-Jones stated that the all-cash consideration will provide certainty to the shareholders when it comes to their interests. The proxy advisor also believes that the acquisition is the best available strategic alternative for Magnet to unlock and maximize potential shareholder value. The strategic rationale for the transaction, according to Egan-Jones, is that it will address the challenges relating to Magnet's limited mobile extraction capabilities. Mobile device data is increasingly critical in investigations, and with the acquisition of Magnet Forensics, Thoma Bravo will be able to offer a more complete digital investigation solution to its customers. The acquisition, if approved, is expected to close in the second quarter of 2023, subject to regulatory approval and other closing conditions.
Egan-Jones Proxy Services, established in 2002 and a leading independent provider of proxy research, voting recommendations and voting services to a variety of institutional investors, notes the SEC voted yesterday to adopt amendments to its rules governing proxy solicitations designed to address conflicts of interest and ensure transparent, accurate and complete information is available to clients. Egan-Jones Proxy would like all clients and users of its research to know that it sees no adverse impact on the firm’s services in connection with the new rules. This is of course primarily because, unlike our competition, Egan-Jones Proxy does not engage in governance consulting and has always provided transparent and easy-to-understand reports. With the new rules, the SEC takes aim at the largest proxy service firms which provide voting recommendations while simultaneously providing consulting and other services to the companies which are the subject of their reports. Because Egan-Jones Proxy does not offer solutions services to public companies, we represent a truly independent, conflict-free alternative to the largest firms. If you are an institutional investor who is tired of having your firm’s interests subject to an opaque and conflicted vote process, we invite you to contact Egan-Jones Proxy to learn what truly independent—and lower cost—proxy advisory service looks like. For questions on this or any other EJP announcement please contact Kevin McManus, Vice President and Director of Proxy Services, using the contact details below. Contact: Kevin McManus Vice President and Director of Proxy Services Egan-Jones Proxy Services 61 Station Road Haverford, PA 19041 +1-703-982-1083 kmcmanus@egan-jones.com http://www.ejproxy.com
Haverford, PA - Egan Jones Proxy Services announced today its acquisition of substantially all of the operating assets of ProxyTell, LLC. Egan-Jones Proxy Services, established in 2002 by Egan-Jones Ratings Co., is a leading independent provider of proxy research, voting recommendations and voting services to a variety of institutional investors. Specific financial terms of the acquisition were not provided. The current President of ProxyTell LLC, Kevin E. McManus, will assume responsibility for the management of Egan-Jones Proxy Services. "The advantage of our technology allows us to bring to the market is the highest possible quality proxy analysis with a 20/20 focus on maintaining and growing shareholder value in the long term," said Kevin McManus. "Most importantly, this quality research is brought to the marketplace at some of the lowest price points in the industry." The resulting company will be global in nature with multiple offices in both the US and beyond.
All Posts
Those involved in the hostile takeovers of the 1980’s were fighting for their livelihoods. As a result, they used the strongest possible terms to describe their opposition in an effort to fend them off.
Occasionally, a president makes massive changes in the status quo where the implications are felt for decades.
In the past decade, share repurchases have drawn the ire of many, with critics arguing that they line the pockets of executives at the expense of long-term shareholder value.
U.S. Treasury Secretary is pursuing a plan for 3% real economic growth, a reduction in the deficit to 3% of GDP, and an increase in oil production of three million barrels per day.
The SEC’s Division of Corporate Finance issued Bulletin No. 14M, granting management greater freedom to exclude shareholder proposals from proxy ballots, notably those related to social and environmental considerations.
This installment aims to address some of those changes and, perhaps more importantly, their implications for those connected to the corporate proxy space and this proxy season.
At the March 20th annual meeting for Disney, shareholders will have the opportunity to vote on a proposal asking the company to report on climate risks to retirement plan beneficiaries.
The pace of change over the next five to ten years is likely to be dramatic and widespread.
Leading Independent Proxy Advisory Egan-Jones Recommends Shareholders vote AGAINST Anti-DEI Proposal at Upcoming Apple Meeting.
The political environment is critical for an industry’s health and, in turn, for the success of sophisticated institutional investment and risk managers.
