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Juniper Networks shareholder calls for new strategy

2014-01-14 07:05:00| Telecompaper Headlines

(Telecompaper) Juniper Networks has a new activist shareholder, who has called on the company to cut costs and return more cash to shareholders. Elliott Associates reported a 6.2 percent stake in the network equipment maker and filed a presentation with the SEC on how it would like to see things change at Juniper. Elliott said the company's shares have underperformed, due to an "outsized cost structure, inefficient capital structure, poor M&A track record and execution issues caused by unsuccessful extensions into security and enterprise switching". To improve the performance, the new shareholder would like Juniper to start a programme to cut annual costs by USD 200 million, buy back USD 3.5 billion in shares by the end of 2015 and pledge to return 50 percent of free cash flow to shareholders, and streamline its portfolio, including a review of the security and switching activities. Juniper said it had received the presentation but not yet held talks with Elliott. The company defended its record, noting five consecutive quarters of year-over-year revenue growth, continued efforts to streamline the company's cost base and 105 percent of free cash flow returned to shareholders in the last three years.

Tags: strategy networks calls shareholder

 

McKesson fails to gain Celesio shareholder support for takeover bid

2014-01-13 23:24:59| Biotech - Topix.net

McKesson Corp. failed to gain enough shareholder support for its recently raised bid to take over rival German drug distributor Celesio.

Tags: support gain bid fails

 
 

Men's Wearhouse's $1.6B bid for Jos. A. Bank backed by shareholder Eminence Capital

2014-01-13 16:50:42| Apparel - Topix.net

In a letter dated Monday, Eminence Capital LLC CEO Ricky Sandley said the deal provides "the best path" for shareholder value.

Tags: capital bank bid mens

 

Material Sciences Shareholder Alert: Former SEC Attorney Willie...

2014-01-11 13:37:10| Industrial Machines - Topix.net

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Material Sciences Corp. related to the proposed acquisition by New Star Metals, Inc. for shareholders.

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Tufco Technologies, Inc. Shareholder Alert: Rigrodsky & Long, P.a. Announces Investigation Of Buyout

2014-01-10 01:39:09| Paper - Topix.net

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Tufco Technologies, Inc. regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Griffin Holdings, LLC , in a transaction valued at approximately ... (more)

Tags: of long alert technologies

 

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