Activist Holdings

LL Flooring (LL)

F9 Investments holds 2,698,907 shares of the flooring retailer, equal to 8.8% of the outstanding stock. On Nov. 14, F9 Investments made an unsolicited offer to acquire all outstanding LL Flooring shares that it doesn’t already own for $3 per share in cash.

Previous Offer and Background

F9 Investments had previously sought to acquire the retailer for $5.76 per share in May but withdrew that offer in August, citing the retailer’s “deteriorating financial and operational performance and eroding value.”

New Board Nominees

Along with F9’s offer on Nov. 14, it also submitted three nominees to LL Flooring’s board at the firm’s upcoming shareholders meeting, including Thomas Sullivan, who founded LL Flooring’s predecessor firm, Lumber Liquidators, in 1994 and served as its CEO from that time until 2006. He briefly served as interim CEO in 2015.


F9’s latest offer comes one month after Live Ventures (LIVE) made its own cash offer to acquire LL Flooring at $5.85 per share.

Six Flags Entertainment (SIX)

H Partners holds 11,400,000 shares of the amusement-park operator, representing 13.7% of its tradable stock. On November 2, H Partners, Six Flags, and Cedar Fair (FUN) entered into a voting and support agreement. Under this agreement, H Partners will vote all of its eligible shares in favor of the Six Flags/Cedar Fair merger. The proposed merger, announced on November 2, will bring together two peers with a combined estimated enterprise value of $8 billion. As part of the agreement, H Partners will not solicit other proxies and will follow certain restrictions on any transfer of its Six Flags stock.

Increases in Holdings

Alpine Immune Sciences (ALPN)

Decheng Capital has boosted its position in the clinical-stage biopharmaceutical firm to 8,360,874 shares. This includes 42,950 shares and 1,234,636 shares underlying exercisable options and warrants, respectively. An affiliate of Decheng purchased 375,000 Alpine Immune shares at $12.50 per share through a stock offering on November 9. Following the completion of the offering, Decheng now owns a 14.1% interest in Alpine Immune. Min Cui, the founder of Decheng, is a board member of Alpine.

Howard Hughes Holdings (HHH)

Pershing Square has increased its stake in the real estate developer to 18,094,240 shares. Pershing Square acquired 599,128 Howard Hughes shares from October 26 to November 13 at prices ranging from $65.95 to $73.21 per share. Currently, Pershing Square owns 36.1% of Howard Hughes’ outstanding stock.

Howard Hughes Value Declines in 2022

Howard Hughes, a prominent company, has experienced a significant decrease in its value since the beginning of this year. This decline raises concerns among investors and experts alike.

The Decline in Value

During recent months, the value of Howard Hughes has steadily fallen, reaching approximately ten percent. This downturn has sparked discussions and speculation regarding the factors contributing to this decline.

Pershing Square’s Transactions

To combat this situation, Pershing Square, a hedge fund actively invested in Howard Hughes, initiated a well-thought-out plan on December 6, 2022. Under this plan, Pershing Square committed to purchasing shares at no higher than $75 per share. The purchases made under this plan were the most recent in a series of transactions.

Maximum Stake and Stocks Purchased

Pershing Square’s objective is to acquire a maximum stake of 39% in Howard Hughes. To achieve this goal, they have set a purchasing limit of 3,665,257 shares. These purchases are intended to strengthen Pershing Square’s position within the company and potentially influence its future trajectory.

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