Centene is the largest provider of health-insurance plans through the Affordable Care Acts marketplaces. Not long ago, companies could reliably project when shareholder activists would strike and ready their defenses in advance. Create Email Alert, ***Log In or 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. 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. Expected Speed Range. Moreover, the states work with Centene and its peers to produce actuarially sound margins, preventing these companies from making or losing a windfall on their services. 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. NEW YORK, (BUSINESS WIRE) -- Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. An activist investor has taken a big stake in Centene Corp. and wants the managed-care company to refresh its board and take other actions to boost its stock, according to people familiar with the matter. All Rights Reserved. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. All Jeans + Pants 25% off! Politans specific ideas couldnt be learned. It couldnt be learned if Centene is receptive. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The very next week the Company rejected our request for a meeting and amended its bylaws to effectively block stockholders ability to nominate directors. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. SEC form, multiple filers or classes of filers, and much more.***. Historically, he has partnered with experienced industry operators as board candidates (i.e., CoreLogic Bill Foley, Lowe's David Batchelder) and in this situation he has brought in Kenneth Burdick and Wayne DeVeydt. Sign In. De-SPACtivism: Can De-SPACed Companies Fight Back? NEW YORK, NY Politan will also have a say in appointing the fifth director who has yet to be named. And Politan Capital Management a large shareholder in Masimo is contesting them in Delaware court. As part of the deal, the board will appoint five new directors, including Ken Burdick, former CEO of WellCare, which Centene acquired for $17 billion in 2020; Ted Samuels, a former investment. . For the future of shareholder activism, the stakes have rarely been higher. But those of Masimo Corp., the global medical technology company, are stronger than most. LOUIS, Nov. 3, 2021 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today issued the following statement with regard to Politan Capital Management: Centene's Board of Directors and management. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Politan Capital has large stake in Masimo August 16, 2022 - Activist investor Politan Capital Management LP has a 9% stake in Masimo worth roughly $750 million, and "plans to push the medical-device company to improve its stock price following a poorly received acquisition," according to a report from The Wall Street Journal. Registered Agent: On the Ground, Its More Complicated. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. WRITE REVIEW. Date Filing Type Reported Sold Incremental Cash Type Exemptions Link to Raw Filing; 2022-09-16 Amended: $185,218,748: $185,218,748: Politan says that Masimo's "harassment" of EnTrust shows exactly why funds don't want to reveal their investors. 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. A crafty but controversial corporate stratagem to counter activist investors will get an early test on Tuesday in Delaware Chancery Court, when both hedge fund Politan Capital Management LP and . Director. Get this delivered to your inbox, and more info about our products and services. 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. CBI websites generally use certain cookies to enable better interactions with. 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. Gala Capital. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. He will become executive chairman but will not keep that position beyond 2022. 13F filing from POLITAN CAPITAL MANAGEMENT LP, enter your Customer Service. This will make mounting a challenge far more dynamic, potentially strengthen activists appetite for a fight, and require a different strategic mindset to counter. for Q3 2022: Percentage of assets under management,Performance-based fees, MANAGING PARTNER, CHIEF INVESTMENT OFFICER, AND CHIEF COMPLIANCE OFFICER | LIMITED PARTNER, PORTFOLIO MANAGER AND CHIEF COMPLIANCE OFFICER, MANAGING MEMBER POLITAN CAPITAL MANAGEMENT GP, LLC. Gala Capital Partners, LLC, is a private investment firm with a demonstrated track record of partnering with founders and management teams to produce creatively structured investment solutions. Masimos bylaws eliminate stockholders ability to nominate directors and restrict stockholder voting to only those candidates selected by the incumbents. Federal securities laws already include extensive proxy disclosure rules that cover any legitimate concerns around appropriate disclosure. On Nov. 3, 2021, the Wall Street Journal reported that Politan Capital took a stake in Centene. DELAWARE DOMESTIC LIMITED PARTNERSHIP. Politan Capital reportedly took a $900 million stake in Centene Corp. ( CNC) last year and in December the company reached a cooperation agreement with the activist. Reporting by Svea Herbst-Bayliss, Editing by Louise Heavens, Will Dunham and Chizu Nomiyama, Merck set to remove cancer-causing chemical from top diabetes drugs - Bloomberg News, Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields, Party City files for Chapter 11 bankruptcy protection, City officials seize four aircraft of India's Jet Airways, CNBC-TV18 reports, Analysis: Small and medium companies to boost business travel rebound in 2023, Davos 2023: Greta Thunberg to meet IEA chief Birol, Agnelli warns on Premier League dominance as he quits Juventus, Airlines remain bullish on travel demand despite mounting economic worries, Credit Suisse sees money returning to the bank, CEO says, See here for a complete list of exchanges and delays. Politan's key argument is that under Delaware precedent, including a 2017 transcript ruling in The Mens Wearhouse Inc v. Wildrick, the legitimacy of Masimos bylaw rests entirely on what its board members knew when they adopted the advance notice requirement. These plans are highly sensitive intellectual property, and prior non-public engagements are typically subject to confidentiality agreements. This is a very low margin business, with net profit margins from 2% to 4%. If Delaware courts bless Masimos tactic, Politan predicted in its complaint, scores of other companies can be expected to rush to adopt similar, or identical, advance notice bylaws, thereby, in Politans view, subverting shareholders right to elect dissident directors. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Carl Icahn: Icahn Carl C. Seth Klarman's: Baupost Group. 316047 | Last Form ADV Filed on 25 Jul 2022 | Registration: SEC Summary Details Export Identifying Information CRD No. After repeated requests, Mr. Kiani finally agreed to a meeting, during which we expressed our interest in obtaining representation on Masimos Board and made clear that Politan was approaching the situation with an open mind, would reserve judgment on any of Masimos strategic initiatives and had a long-term focus with the substantial majority of our capital committed for three to four years. This copy is for your personal, non-commercial use only. for POLITAN CAPITAL MANAGEMENT LP, Top 20 equal-weighted holdings. By leveraging over 35 years of experience in the franchise, real estate and software industries we not only provide . Politan put that information in play when it sued to invalidate the company's bylaw, Masimo contends. Politan Capital Management. 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 and its chief executive will retire in 2022 after serving for a quarter of a century. The Masimo bylaw, as my Reuters colleague Svea Herbst-Bayliss has reported, has engendered quite a bit of debate among corporate governance experts. Centene's stock price climbed 0.83% in early trading on Tuesday. When 2 percentage points of margin is the difference between doubling your profits or not, the valuation of these businesses largely depends on how costs are managed. Submitters are 7x more likely to receive a qualified connection. Prior to that, he led the activist practice at DE Shaw and before that he was at Elliott Associates. Proxy voting next spring will be the first full season under the SECs new rules requiring that management and shareholders use universal proxy cards in contested director elections. Heading into 2023, companies should make sure to keep a new reality in mind: Activists are no longer a category of shareholder. Whalewisdom has at least 4 13F filings, and 3 13D filings. Private Equity Firm, Venture Capital Venture 42,876 Highlights Investments 1 Exits 1 Similar Companies 15 Recent News & Activity Funding Round Aug 15, 2022 Masimo raised $750,000,000 / Post Ipo Equity from Politan Capital Management Discover more funding rounds Details Investment Advisor By continuing to use this site you are consenting to these choices. How do I update this listing? Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. A Division of NBCUniversal. Politan Capital Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $1,172,004,771 (Form ADV from 2022-07-25). However, they will also not back down from a proxy fight if their hand is forced: Koffey showed that at CoreLogic and Hess. Activist: Politan Capital Management Percentage Ownership: ~2.0% Average Cost: n/a Activist Commentary: Politan Capital Management was founded by Quentin Koffey. divided by the total MV of the fund. You can change your choices at any time by visiting your privacy controls. Politan Capital Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $1,172,004,771 (Form ADV from 2022-07-25). Issuer's Identity 2. 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. When completed, an email will be sent to the email address you specify POLITAN CAPITAL PARTNERS L.P. (DOS ID: 6283541) was incorporated on 2021-09-17 in New York. Find out more about how we use your information in our privacy policy and cookie policy. Yet seeking a board seat is one thing, and winning one is quite another. 801-122191 Form of Organization Limited Partnership Legal Domicile DE, United States Registration SEC Contact Details Phone 000-000-0000 Centene in July laid the groundwork for a succession plan when it established its office of the president and Neidorff said recently in public that he would not expect to be renewing his contract as CEO, the company said. Open Menu Close Menu . Many of these companies have seen their value fall sharply, are still in the development stage, have unproven management teams with little public-company experience, and have boards of directors who are unfamiliar with the nature of fiduciary duties and corporate governance at public companies. And its a growing challenge that looms large over deals of all sizes. Politan owns a roughly $900 million stake in Centene, which is valued at $46 billion. We want to hear from you. Bumpitrage: As Activists Increasingly Attack Deals, How Can Companies Prepare? Industry: Pooled Investment Fund (See others in industry) Address: C/O Walkers Corporate Limited 190 Elgin Avenue George Town, Grand Cayman, E9, KY1-9008 Phone: 345-814-7600 . Activist Commentary: Politan Capital Management was founded by Quentin Koffey. In addition to Irenic Capital, which Adam Katz and Andy Dodge founded in 2021, new names include Strive Asset Management, founded by Vivek Ramaswamy in 2022, and Politan Capital Management, which . The industry leader for online information for tax, accounting and finance professionals. POLITAN CAPITAL MANAGEMENT CRD No. See here for a complete list of exchanges and delays. Their business is recorded as FOREIGN LIMITED PARTNERSHIP . Centene is a managed care organization that provides health plan coverage to individuals through government-subsidized and commercial programs. Larry Robbins's: Glenview Capital Management. The new board will look at internal and external candidates to replace Neidorff, the company said. {"search": "/search", "clicked": "/clicked", "portfolio_add": "/portfolio-add", "portfolio_remove": "/portfolio-remove", "portfolio_create": "/portfolio-create", "portfolio_activate": "/portfolio-activate", "portfolio_delete": "/portfolio-delete", "portfolio_rename": "/portfolio-rename", "portfolio_color": "/portfolio-color", "home_filter": "/home-filter", "htmlspeed": "/htmlspeed", "add_tag_firm": "/add-tag-firm", "add_tag_click": "/add-tag-click", "copy_aum": "/copy-aum", "stripe_checkout": "/stripe-checkout", "update_card": "/update-card"}, {"uid": 48314414, "pid": -1, "pid_a": [], "name": "", "email": "", "blacklist_f": false, "paywall_f": false, "paywall_n": 0, "random_n": 0}, Greenbrier Partners Capital Management LLC, Affirmative Investment Management Partners Limited, (a) Individuals (other than high net worth individuals), (b) Individuals (high net worth individuals), (i) State or municipal government entities, (l) Sovereign wealth funds and foreign official institutions, (m) Corporations or other businesses not listed above. POLITAN CAPITAL, CORP. Company Number 4555618 Previous Company Numbers C4555618 Status Active Incorporation Date 21 January 2020 (almost 3 years ago) Company Type Stock Corporation - CA - General Jurisdiction California (US) Registered Address 7840 FIRESTONE BLVD STE 109 DOWNEY CA 90241 United States Agent Name GUIDO A FUENTES Agent Address Newly-launched hedge fund Politan Capital Management has purchased a $900 million stake in Centene Corp., the St. Louis-based insurer confirmed Wednesday. In particular, Sidley highlighted potential concerns about the timing of Masimos bylaw. ", View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005274/en/, Media Dan Zacchei / Joe GermaniLongacre Square Partnersdzacchei@longacresquare.com / jgermani@longacresquare.com, Bylaw Amendments, in effect, preemptively block stockholders from nominating candidates for election to the Board, https://www.businesswire.com/news/home/20221021005274/en/, J.B. Hunt's results miss estimates on intermodal weakness, high driver pay, Davos 2023: Convert offices to homes to curb housing crisis-panel, Aviation Capital latest lessor to doubt Airbus, Boeing targets, UPDATE 1-Argentina to buy back $1 bln in overseas debt, economy minister says, Morgan Stanley promotes 184 executives to role of managing directors. Investments Number of Investments 1 Number of Lead Investments 1 Politan Capital Management has invested in Masimo on Aug 15, 2022. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Mr. Politan is also a member of the Global Finance Practice Group. Instead, all shareholders have a full quiver at their disposal, and activism is just one arrow. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Dover, DE 19904. While owning a house may provide a sense of stability and serve as a huge capital asset, taking a house on rent gives greater financial and physical flexibility . Politan Capital Management is based out of New York. If Politan prevails, boards at other companies could see their advance-notice bylaws which are generally far less strict thrown out under similar legal scrutiny. It was founded in 2021 and is based in New York, New York.
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