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   Strategies & Market TrendsSpeculating in Takeover Targets

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From: richardred10/5/2014 11:37:36 PM
   of 6147
Japan insurer Tokio Marine scouts for more M&A targets in North America October 3, 2014 - 9:46am

(Reuters) — Japan's Tokio Marine Holdings Inc. sees many attractive acquisition opportunities in North America, its chief executive said, even after already spending more than $7 billion to buy insurance companies there in the last six years.

“There are still possible options in the North American market,” Tsuyoshi Nagano, CEO and president of Japan's largest insurer by market capitalization, told Reuters in an interview on Friday.

“The insurance market is big, and there are many specialty companies. There are still many good targets.”

As well as looking for international growth prospects to offset a domestic market that will shrink as Japan's population declines, Tokio Marine and its rival property-casualty insurers in the country have been aggressively expanding overseas in recent years to avoid geographic concentration of risks.

Insurers say that by spreading business exposure over various regions, they can lessen the impact on earnings of natural disasters, such as typhoons or floods, hitting individual countries in any given year.

Mr. Nagano, 61, took over in June last year from Shuzo Sumi, who in his six-year tenure acquired several overseas firms including U.S. insurer Philadelphia Consolidated for $4.7 billion and Lloyd's of London insurer Kiln for $671 million. Mr. Nagano himself led the talks to buy U.S. insurer Delphi for about $2.7 billion in 2011, when he was a senior executive.

Thanks to its aggressive overseas expansion, Tokio Marine's insurance premium revenues from overseas businesses have grown nearly 10-fold in the past 10 years, while domestic non-life insurance premium revenues grew about 30% during the same period.

Premiums from non-Japanese business are expected to reach 1.1 trillion yen ($10.1 billion) for the current financial year ending in March 2015. Profits from overseas operations are expected to come in at 105 billion yen this financial year, accounting for about 36% of total earnings compared with 15% 10 years ago.

Target list Mr. Nagano said the company always keeps a list of 10-20 potential acquisition targets globally and keeps close tabs on them, discussing prospects in monthly top management meetings. He declined to say how much the company is prepared to spend on acquisitions.

“We are following changes in these companies and CEOs' remarks,” he said. “We spend time to narrow down companies we want to have relationship with, and I think this leads to successful acquisitions,” he said.

Analysts say Tokio Marine, which has a market capitalization of about $23 billion, has ample access to funds for deals. It has spent roughly $8 billion on overseas M&A in the past 10 years.

“It depends on specific deals and schemes to finance them, but I don't see much impact on its credit rating if Tokio Marine makes an acquisition in the scale of Philadelphia given its debt leverage and acquisition track record,” said Teruki Morinaga, insurance sector analyst at Fitch Ratings Japan. Fitch has an AA-rating on the Tokio Marine's core unit, the fourth highest rank on its scale.

In addition to North America, Mr. Nagano said the company is looking for acquisition opportunities in Brazil and Mexico. In Brazil, the firm made an unsuccessful bid for an insurance company earlier this year, he said, declining to name the company.

“The company was a property-casualty insurer with strong businesses with large corporate clients. We have strong car insurance business there and want to boost other operations such as life and corporate insurance,” he said.

In Asia, Mr. Nagano said Thailand and Indonesia are markets of interest for acquisitions. But he cautioned there are few potential deals in the region and prices have become too high.

He also said his company is aiming to achieve a return on equity of at least 8% during the next three years, up from 7.4% expected for the current financial year ending in March 2015.

“To become a global company, we need to clear at least 8%,” he said, adding that overseas operations are expected to be a growth driver.|59|306|285|78

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To: richardred who wrote (3802)10/6/2014 12:19:29 AM
From: richardred
   of 6147
Dealmaking in oil patch: reset, repair and restructure

Republish Reprint

Yadullah Hussain | October 2, 2014 9:17 AM ET
More from Yadullah Hussain | @Yad_FPEnergy

Jeff McIntosh for the National PostOil and gas deals just over $32-billion have been announced or completed year-to-date, compared to around $13-billion in 2013 during the same period last year

Frothy equity markets are leading to more mergers and acquisitions in the Canadian oil patch, but the slew of deals this year belies the sector’s fragile state.

Mining deals are keeping lawyers hummingWith global commodity prices in a downward spin, it’s been a tough time to be in the mining game. The economics of big-budget projects have been thrown into question, forcing industry giants to abandon, downsize or sell prized assets.

A multitude of assets on the block and a lack of financial injections from investors have set the stage for a resurgence of acquisition activity for mining this year, dealmakers say. Keep reading.

“Thematically we are in a rebuilding, recapitalization and reinvestment phase. If you look at the deals, over half of them are ‘It’s broken, so how do we fix it?’ rather than ‘Look, we have created tremendous value,’” said Chipman Johnston, a Calgary-based lawyer at Stikeman Elliott LLP.

Canada has seen a resurgence in oil and gas deals this year, after a very lackluster 2013. Deals just over $32-billion have been announced or completed year-to-date, compared to around $13-billion in 2013 during the same period, FP Infomart data shows.

“Some companies are pursuing strategies where they focus on a single or a very small number of geographic areas,” said Frank Turner, a Calgary-based lawyer at Osler, Hoskin & Harcourt LLP.

The small-is-profitable theme is playing out across Western Canada.

What’s yesterday’s dog could become tomorrow’s great property

Larger companies such as Encana Corp., Imperial Oil Ltd. and Suncor Energy Inc., divested non-core assets this year that were snapped up by new management teams set up precisely to extract value from tired or underdeveloped assets.

“What’s yesterday’s dog could become tomorrow’s great property with changing technology, horizontal drilling and well completion techniques,” said Greg Turnbull, lawyer at McCarthy Tetrault LLP in Calgary.

“We see a cycle of junior oil teams, the consolidators and dividend-paying energy companies coming through. They are looking for mature oil and gas assets with lower declines to help pay the dividend and fund the growth of those entities. This is the area where people can see significant rates of return.”

  • Upstart Osum makes mark in oil sands, snaps up Orion project for $325-million
  • Paramount Resources floats $50-million takeover bid for MGM Energy
  • Encana Corp to sell Bighorn gas assets to Apollo’s Jupiter Resources for US$1.8-billion

  • Imperial offloaded some of its oil and gas assets to dividend-paying Whitecap Resources Inc. for $855-million, Suncor Energy sold off its Wilson Creek assets in Alberta to small-cap Tamarack Valley Energy Ltd. for $168.5-million, and upstart Osum Oil Sands Corp. picked up Royal Dutch Shell PLC’s Orion oil sands assets for $325-million.

    “The industry is also rebuilding itself. Older teams are being retired and new teams are being introduced,” Mr. Johnston said.

    Paramount Resources Ltd. took over MGM Energy Inc. for $50-million after the latter’s failure to monetize its Northwest Territories shale oil play, underscoring the theme of a massive spring-cleaning across Western Canada.

    Private equity has also been on the prowl, driving some of the bigger deals in the Canadian oil patch this year.

    Jupiter Resources, a unit of New York-based Apollo Management LLC paid $1.91-billion for Encana’s natural gas assets in Alberta, while TGP Capital also relieved the Calgary company of its natural gas properties in Wyoming for $1.98-billion.

    THE CANADIAN PRESS/Jeff McIntosh"Bighorn is a high quality asset that has not been receiving significant investment in 2014. Going forward, it should serve as an excellent foundational asset for Jupiter Resources," Doug Suttles, Encana president and CEO, said in a statement.

    Osler’s Mr. Turner says the arrival of PE giant Kohlberg Kravis Roberts LLP in Calgary and other big U.S. private equity and hedge funds has provided some comfort to capital-hungry small caps, especially in the absence of other investors.

    “When capital markets weren’t really very accepting of new issues by oil and gas issuers and international state-owned enterprises were unavailable, private equity turned out to be a very good option,” Mr. Turner said.

    The Canadian M&A turnaround is even more remarkable when you consider that many U.S. companies are in retreat and Asian state-owned enterprises have kept a low profile.

    Houston-based Apache Corp. is looking to divest $800-million worth of assets in Alberta and has pulled out of the Kitimat LNG project on the West Coast, while Oklahoma’s Devon has sold its Canadian conventional assets. Meanwhile, Encana purchased Texas-based Athlon Energy Inc. for $7.1-billion, days after selling its stake in PrairieSky Royalty Ltd., in a sign that the U.S.’s liquids-rich play seemed more attractive to the Calgary-based energy giant than the acres of play available at home.

    We have an industry fighting for capital allocation

    “The scale of the U.S. industry is very significant – it’s 8 to 9 times larger than ours and money can be applied in a concentrated way there that the Americans are familiar with,” Mr. Johnston said. “We have an industry fighting for capital allocation.”

    China’s state-owned enterprise PetroChina Co. Ltd. finally agreed to honour its commitment to fund Athabasca Oil Corp.’s Dover oil sands for $1.184-billion after numerous delays, but Asian companies have kept their head down this year, partly due to changing dynamics back home.

    China has a new regime in place, while a major crackdown on corruption in state-owned enterprises means big-ticket deals are off the table for some time.

    “It’s a pause, not a halt,” says Mr. Turner. “In South Korea, again, there has been a pause due to a change in government and they are also taking a hard look at some of the North American investments they have made.”

    Harvest Operations Corp., a unit of Korea National Oil Corp., sold Come By Chance refinery in Newfoundland and Labrador to SilverRange Financial Partners LLC of New York for an undisclosed sum in September.

    The federal government restrictions around SOE’s majority-ownership of oil sands, of course, has seen a freeze in Asian interest, but there may be opportunities for the smaller, battered oil sands companies.

    THE CANADIAN PRESS/Jeff McIntoshTalisman Energy CEO Hal Kvisle speaks to reporters following his address at the company's annual meeting in Calgary, Wednesday, May 1, 2013.

    Investors are circling around Talisman Energy Inc. while others, such as Sunshine Oil Sands Ltd., Southern Pacific Resources Corp., and Connacher Oil & Gas Ltd. may find a knight to lift their battered share prices.

    “I see some consolidation coming, which may be investor-led or debt-holder driven, to try to consolidate that space,” Mr. Turnbull said.

    The Canadian liquefied natural gas industry, which exists largely on paper, may also see some consolidation once the provincial and federal rules around taxation are clear.

    “Every one has positioned themselves to be the beautiful bride, and I am not sure how many suitors are out there,” Mr. Turnbull noted. “Some projects will die on the drawing board, but the better projects will proceed.”

    The theme of renewal and rebuilding seems to dominate the M&A landscape, with companies looking to build value rather than cashing, or harvesting, existing value.

    “Equity seems to be backing reorganization and restructuring,” Mr. Johnston said. “I think 2012 was a bit of a fall season, when premiums were paid for deals. This is not fall where we take all the peaches from the orchard – this is June.”

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    To: richardred who wrote (3714)10/6/2014 12:10:05 PM
    From: richardred
       of 6147
    New buy today- TECU-Tecumseh Products Company IMO the company needs to be acquired to eliminate a weak competitor.

    P.S. The Possible Kickers- Symphony & IMO A very good SA piece (reg. Required)was written after I took interest.

    NEW DELHI: Air cooler firm Symphony
    BSE -0.92 % is eyeing global acquisitions to enter new markets while targeting a 40 per cent growth in sales in the current fiscal.

    "We are open to new acquisitions. If some acquisition opportunity comes which will open newer markets for us, we will definitely look at it," Symphony Vice President (Marketing) Rajesh Mishra told PTI.

    At present, industrial and commercial sales account for only five per cent of total turnover.

    "Industrial and commercial cooling business has huge potential to grow. We expect this segment to contribute 50 per cent to total sales in the next five years," he said, adding that all factories, halls, school and low budget hospitals are ..

    Read more at:

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    To: Glenn Petersen who wrote (2761)10/8/2014 9:34:24 AM
    From: richardred
       of 6147
    Seems to be a resurgence of the Starburst this year also.

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    To: richardred who wrote (3820)10/8/2014 11:26:54 AM
    From: Glenn Petersen
       of 6147
    The EBAY/Paypal split should be particularly interesting, although it would not surprise me if someone (perhaps Google) makes EBAY an offer they cannot refuse prior to the spinoff.

    In Silicon Valley, rumors of Symantec breakup are latest sign that big is not so beautiful

    Chris O'Brien
    October 8, 2014 12:48 AM

    It appears that breaking up is getting easier to do in Silicon Valley.

    A report from Bloomberg says that security giant Symantec may be “exploring a breakup.” One of the Symantec companies would sell security programs, and the other would focus on data storage, Bloomberg says.

    If true, it would be the third tech giant to pursue that option. Just this week, Hewlett-Packard announced it was splitting into two companies. And, of course, last week, eBay said it was planning to separate from PayPal next year.

    Does three make this an official thing? Hard to say. But as Marc Andreessen tweeted about the Symantec news: “It’s as if there is some kind of trend afoot …”

    In the case of Symantec, it’s been a rough couple of years at a time that should have been gonzo for a company in the business of computer security. Hacks and infiltrations are on the rise, and data thefts seem to make big headlines almost daily. And yet, over the past year, Symantec has floundered.

    Revenue was down over the past year. And earlier this year, Steve Bennett, who was attempting to implement a big reorganization, was fired as chief executive officer after only two years.

    Symantec has been perpetually stymied about how to handle its 2005 acquisition of Veritas Software. At $10.2 billion, it was one of the largest deals in Silicon Valley over the past decade, and yet it has failed to pay off in any meaningful way.

    Like HP and eBay, undoing the deal or splitting up has long been advocated by analysts and investors. So there is some sense of giving in to the inevitable here.

    But why is breaking up the new new thing?

    Part of the problem is acquisitions. All three of these companies spent a bundle on big deals, touting the big opportunities. However, as it often the case, these turn out to be wishful thinking. The reality is that the big corporation becomes an unwieldy, inefficient mess to run.

    Now, one can hardly stick a fork in the era of big tech companies and declare it done. After all, companies like Apple, Google, and Facebook are bigger than ever and still growing at insane paces. When they’re not gobbling down every other startup, they’re trying to hire every developer with a pulse.

    And yet, it will be worth watching closely to see if other tech titans that built themselves on layer after layer of acquisitions, like Cisco Systems and Oracle, will start to consider ways to make themselves leaner.

    The cautionary tale, if there is one, appears to be this: The ability to acquire and hire at lightning speed to get big can be great when the wind is at your back. Enjoy the moment. But if the world or markets or technology shift, then watch out. That size may be a weight that makes it hard to change and keep up just at the moment when you need to be faster than ever.

    HP, eBay, and now, possibly, Symantec are acknowledging that. And they’re shedding pounds as quickly as possible to try to get back in the race.

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    From: Cautious_Optimist10/9/2014 12:17:16 PM
       of 6147
    With stocks getting battered and cash lying around on corporate balance sheets, the U.S. M&A market has got to heat up. Simple math. Low hanging fruit. Call me crazy.

    I'm looking at names like Ford - a completely battered value stock, currently .38 sales. ($55B cap, ugly chart, just sayin'.)

    Also, beaten-up economic-rebound trackers like the well run PACCAR (PCAR.)

    Or Viacom (VIAB.) Content is still King. Near 52 week low. (Loss of Colbert worth billions?)

    Or unlocking value, like VMware at EMC.

    Also, inevitable consolidation in the currently virtually-nuked oil patch. If that's your thing. Crude below marginal costs.

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    To: Cautious_Optimist who wrote (3822)10/10/2014 9:21:26 AM
    From: richardred
       of 6147
    >Also, inevitable consolidation in the currently virtually-nuked oil patch. If that's your thing. Crude below marginal costs.

    This is my main focus. IMO it will also be the focus for those in the patch that are low cost producers. It seems niche acquisitions would be more productive for those companies then buying back stock. ECA just made a move and I suspect others will follow. Maybe Exxon, who's Russian Rosneft project seems stalled? I think the possible coming consolidations will benefit US independents the most.

    P.S. IMO Countries like Venezuela are getting desperate. What is OPEC thinking now?
    Citgo's U.S. refineries sale takes another bidding round -sources

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    To: richardred who wrote (3323)10/10/2014 1:36:07 PM
    From: richardred
    1 Recommendation   of 6147
    RE-ARTW- FWIW- I can't help, but comment on due to ARTW Scientific Buildings segment. There were some comments at the CC, but little more than they are ready. It could turn out immaterial, but when you see a stock Lakeland Industries Inc. (LAKE) due to ebola fears. I had to give it some weight.

    MY YH ARTW comments before the cc.

    Military building Ebola treatment centers
    However,I saw no news of any AS contract wins due to the Virus. However it does appear the US Military is building some treatment centers . PR-NEWS In recent weeks, The world has vowed to step up its response to the epidemic, which has been spreading for more than six months. The United States has sent a military team to neighboring Liberia with plans to build 18 treatment centers to prop up the broken health system. The British have promised to build field hospitals in four urban areas in Sierra Leone, including this one. The French are setting up a treatment center and a laboratory in Guinea. The Chinese have sent scores of medical personnel to the region and have converted a hospital they built outside Freetown into a holding center for Ebola patients. It also appears some other Arab countries might be preparing for the same. Still no PR news from ARTW if they are even bidding on such contract. Any possible win might be classified, but still might be a possibility more then I previously thought.

    P.S. From the company Web site

    The Buildings for Science Advantage

    Time, cost, flexibility, environmental control, and exceptionally tight production processes are a few of the unique advantages offered by a pre-engineered laboratory solution. A modular research facility moves your research ahead in 180 days compared to the two to four years required for conventional design and construction methods.

    Install the lab connected to your existing facility, at a distance for security, expand incrementally within an existing structure, or if space is tight consider installation on top of an existing structure. Installation options add flexibility. Decide to lease for years, or purchase today. The choices are yours from Art’s Way Scientific.

    Self-contained pre-engineered laboratories are the clear solution to choice for rapid deployment in the U.S. to meet the core diagnostic capabilities for biological and chemical defense or naturally occurring pathogens. Modular laboratories serve as externally monitored triage and assessment units operating full-time for in-processing and pre-screening of non-routine specimens.

    Modular laboratories can be designed with multi-chambered glove box equipment capable of maintaining isolation and separation of specimen contents from laboratory personnel and the surrounding environment. Modular laboratories can provide complete physical isolation of unknown agents or infected people, plants, or animals. The Buildings for Science solution offers the rapid response value critical for federal, state, and local public and private health facilities.
    Biocontainment Laboratories

    Pre-engineered alternatives provide superior solutions for BSL-2 and BSL-3+ laboratories. Based on pathogen driven requirements, Art’s Way Scientific will design, construct, and install a Biosafety laboratory to meet specific laboratory needs. Our structural insulated panel wall system provides 15 times better air filtration than conventional and steel construction. Expanded polystyrene material

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    From: Glenn Petersen10/14/2014 5:09:03 PM
       of 6147
    As Activist Shareholders Gain Strength, Boards Surrender to Demands

    By Steven Davidoff Solomon
    New York Times
    October 14, 2014 4:30 pm

    Corporate America may try to hide from its shareholders, but two recent board shake-ups — involving the tech giant Hewlett-Packard and Darden Restaurants, the owner of Olive Garden and other chains — show that escape is no longer possible. Shareholder activism has rapidly changed how corporate America thinks.
    Hewlett-Packard, which is in Year 3 of a five-year turnaround plan, finally did what some shareholders had been demanding for years. The company said last week that it would split in two: One company will be a printer and personal computer manufacturer named HP Inc. and the other will be an enterprise software company called Hewlett-Packard Enterprise. The Wall Street response was to send the company’s stock up as much as 6.6 percent on the day it was announced. Yet The New York Times business columnist James B. Stewart suggested it might be a desperate maneuver that catered to shareholder whims and the spinoff stampede rather than a well-reasoned strategic plan.

    In the case of Darden, the activist investor Starboard Value, after months of pressing for changes, succeeded in unseating all of the company’s directors. Throwing out every single company director is a rare and drastic event, one I called an epic failure. This happened after the Darden board, in a fit of chutzpah, decided to spin off its Red Lobster business just before a shareholder vote on the issue, one that appeared to be heading toward a rejection of such a sale. The Darden board thus sealed its own fate by blatantly ignoring shareholder will.

    So what do these two events — one where a company appears to be catering to its shareholders and another where it had been rejecting them — have to do with each other?

    Looked at together, the events show that the activist shareholders have triumphed. The two cases symbolize an end to the war of aggression between corporate America and shareholders, with a surrender driven by crusty breadsticks and huge decline in PC sales. Corporate America, previously ruled by chief executives and boards, is racing to do shareholders’ bidding.

    The Darden case in particular highlights the seismic shift that can happen if a corporation ignores shareholder demands. Indeed, Darden’s board members voted to sell Red Lobster at a time when the activists were organizing to oppose this move in part because they thought the seafood chain would be too small to survive on its own.

    That Darden’s old board would go against the wishes of shareholders so stridently was puzzling. This was particularly true in light of the fact that a similarly hostile battle at the auction house Sotheby’s had also ended in a loss for the company after the hedge fund manager Daniel S. Loeb gained the three board seats he sought.

    Wall Street chatter has attributed Darden’s obstreperousness to its advisers (the chatter, of course, is mostly coming from competitors). At both Sotheby’s and Darden, the advisers were Goldman Sachs on the financial side, Wachtell Lipton for legal issues and the firm Joele Frank for public relations advice. These firms are the trinity of anti-activism, the experts that companies hire when they want to oppose the activists. It is hard to blame the advisers for things going against the Sotheby’s and Darden boards because those are the firms to hire in a shareholder fight.

    Goldman Sachs, Wachtell Lipton and Joele Frank all declined to comment for this article.

    In the wake of Darden’s upheaval, strident opposition by boards is likely to disappear. It simply doesn’t pay. Even the most ardent anti-activist firms know it.

    This trend is already taking hold. So far this year, activists had a success rate of 72 percent in proxy fights, up from 60 percent in 2013, according to FactSet SharkRepellent, a research firm.

    Activists are gaining ground because institutional investors are increasingly willing to side with them, and even joining the fight (or ganging up, as some companies might say). These shareholder forces are often given an assist by two prominent shareholder proxy firms, Institutional Shareholder Services and Glass Lewis. But this is not a surprise as activists tend to focus on struggling companies in need of change.

    It all adds up to pressure-cooking corporate boards. And as hedge funds have proved to be successful in their activism, earning extraordinary returns as a result, billions more in money is following. It is a virtuous circle, or a vicious one, depending on your perspective. At least until the returns go away.

    That is why the loss at Darden, coming after Sotheby’s capitulation, is such a milestone. After the Darden fight, companies are not going to want to go the distance. It is too much misspent money on advisers in a fight that results in a loss of face.

    If you needed more proof, you need only see what happened at Hertz. Carl C. Icahn popped up with an 8.5 percent stake in Hertz, and within a week, Mr. Icahn was able to appoint three directors, two of whom are sitting on the new chief executive search committee. Hertz quickly realized that the easiest thing to do was give in.

    This is where the Hewlett-Packard spinoff comes in. As shareholder activists, backed by institutional shareholders, grow stronger, no company is safe. Apple and Microsoft have already been targets. It was only a matter of time until HP would have again been the target of an activist.

    In this respect, what happened at Darden led to what happened at HP. HP’s spinoff can be seen as a precautionary step to keep the shareholder activists happy.

    From the perspective of activists, every business that is even the slightest bit different from a company’s core must be broken off. In Darden’s case, the activists argued for a spinoff of Red Lobster and Olive Garden together.

    A spinoff can be beneficial, as it allows management to focus better on each separate business. But in other cases, it pushes management to dump its worst-performing assets into the newly formed company. The result though is that corporate America is slowly being broken up, only to rebuild as these smaller companies again get acquired or acquire others.

    At HP, it is uncertain whether a spinoff makes sense, but shareholders wanted it. And so the move by its chief executive, Meg Whitman, can be seen as responding to the market trend and the fact that activist shareholders must be obeyed.

    This is the way it goes these days in corporate America. Corporations are running to reorganize and trying to prevent the activists from coming. But the activists are on the prowl, and there is nowhere to hide.

    This is true even beyond activism and in takeovers themselves. The Botox maker Allergan (represented by the trinity of Goldman, Wachtell Lipton and Joele Frank) is trying to fight off Valeant Pharmaceuticals and the activist hedge fund Pershing Square Capital Management. But barring a court ordering otherwise, shareholders will soon get to vote on whether to unseat Allergan’s directors. Can you guess where the trend is going?

    The real winners here are the advisers, who have seemed to figure out which way the wind is blowing. Guess who advised HP on its spinoff? It was again Goldman Sachs and Wachtell Lipton. No matter how contentious things get, the current shareholder atmosphere is driving companies to break up and seek acquisitions. Wall Street will continue to profit from both those trends.

    Yet one has to wonder about the corporations themselves. Shareholder activism can be a positive force and certainly companies should listen to shareholders as in the Darden case. But as companies run in fear to reorganize themselves, one has to wonder if fear alone is a good way to run corporate America.

    Steven Davidoff Solomon, a professor of law at the University of California, Berkeley, is the author of “ Gods at War: Shotgun Takeovers, Government by Deal and the Private Equity Implosion.” E-mail: | Twitter: @StevenDavidoff

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    To: richardred who wrote (3824)10/16/2014 12:07:16 AM
    From: richardred
       of 6147
    Joe your a seller again.
    Message 28861796

    Arts-Way Manufacturing Co. Director Joseph R. Dancy Unloads 24,000 Shares (ARTW) Posted by Shayan Afkhami on Oct 14th, 2014 // No Comments

    Arts-Way Manufacturing Co. (NASDAQ:ARTW) Director Joseph R. Dancy unloaded 24,000 shares of the stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $5.00, for a total value of $120,000.00. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $250,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

    Shares of Arts-Way Manufacturing Co. ( NASDAQ:ARTW) opened at 5.74 on Tuesday. Arts-Way Manufacturing Co. has a 52 week low of $4.76 and a 52 week high of $6.92. The stock has a 50-day moving average of $5.08 and a 200-day moving average of $5.66. The company has a market cap of $23.2 million and a price-to-earnings ratio of 31.89.

    Richard - richardred ?@rreding1 8m8 minutes ago
    Arts-Way Manufacturing Co. Director Joseph R. Dancy Unloads 24,000 Shares $ARTW via @RatingsNetwork

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    Penny Stock Secret ?@stocksecret101 6h6 hours ago
    Secret That Has Made GREG, And 22 of his friends and family members MILLIONAIRES! FIND HERE .. $SFBS $ARTW $HAYN

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    Craig ?@CraigTrader 8h8 hours ago
    $VSR running on ebola containment centers $ARTW makes them as well.

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    NASDAQ ?@NASDAQODUK 8h8 hours ago
    $ARTW - Report of Proposed Sale of Securities (144)

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    Silicon Investor follows

    Luke Murray ?@EliteDayTraders 8h8 hours ago
    $ARTW out 5.94 avg

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    Emil ?@cuzmane 11h11 hours ago
    $LAKE $APT $VSR $IBIO lately $ARTW are just trading vehicules,have and edge/a set risk and sqeeze the juice from them

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    Liza Friedlander ?@LizaFriedlander 12h12 hours ago
    $ARTW and $VSR he really is superman

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    Tierra Partners follows

    RichJr ?@NerdElert 12h12 hours ago
    $ARTW $7 line... has a history of obscene moves too..

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    TradeAddict ?@TradeAddict 12h12 hours ago
    $ARTW I dont like low floats so much. Just put it on radar. Maybe it gets more attention in a few days (more volume)

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    Luke Murray ?@EliteDayTraders 12h12 hours ago
    $ARTW 2.16M float 4.05M outstanding, will not take much vol to blow the roof off

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    THE REAL MC HÖRL follows

    @super_trades ?@super_trades 12h12 hours ago
    $ARTW CC - Roger Miller - Frontier Asset Management So where I'm getting at is – can these buildings be used (cont)

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    Nathan Michaud ?@InvestorsLive 12h12 hours ago
    $ARTW pop up as sympathy to $VSR -- just wait for shorts to get in there on this thin name and freak when they realize its thin lol

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    RichJr ?@NerdElert 12h12 hours ago
    long $ARTW 6.59 .... @super_trades found a zinger imo... like he originally found $VSR about $3

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    @super_trades ?@super_trades 13h13 hours ago
    Low float $ARTW modular labs DO NOT CHASE LOW FLOATS - in low6's

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    DJ ?@mktoperative 13h13 hours ago
    $ARTW stealth #ebola play

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    Large Void Bot ?@LargeVoidBot 13h13 hours ago
    $ARTW Volatility Trading Pause. Halt time: 11:35:55.

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    WallStreet ?@financialmovers Oct 14
    $ENZY, $CLF, $ARTW - Wall Street Update: Enzymotec, Cliffs Natural Resources (CLF), Arts-Way Manufacturing (ARTW) -

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