politan capital partners

Politan Capital Management's largest holding is Centene Corp with shares held of 12,914,408. Investment Advisor The company's CEO is 78 years old and has served on the board for 25 years. Politan Capital Management has made 1 investments. Masimo, meanwhile, contends in a countersuit against Politan that the company's advance notice bylaw is a legitimate way to assure that shareholders have sufficient information about proposed board candidates including dissident candidates potential conflicts before they vote on corporate directors. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Politans suit seeks to declare the Bylaw Amendments unenforceable, find that the Companys directors breached their fiduciary duties by approving and implementing the amendments, invalidate the change of control provisions in the CEOs employment agreement that could result in hundreds of millions of dollars of value being transferred to Chairman and CEO Joe Kiani even if only two of directors on the Board were replaced, and enjoin Masimo and the Board from taking any actions to prevent Politan from exercising its rights to nominate candidates for election to the Board. Federal securities laws already include extensive proxy disclosure rules that cover any legitimate concerns around appropriate disclosure. the MV of securities sold, whichever is less, You may cancel your subscription at anytime by calling This investment - Post-IPO Equity - Masimo - was valued at $750M. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Centene is a managed care organization that provides health plan coverage to individuals through government-subsidized and commercial programs. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. All Jeans + Pants 25% off! (Reuters) - 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 medical device maker Masimo Corp will exhort Vice Chancellor Nathan Cook to grant their discovery demands and to squelch those from the other side. To embed, copy and paste the code into your website or blog: For over 30 years we have demonstrated an unwavering commitment to our clients, community and each other. 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. He will become executive chairman but will not keep that position beyond 2022. Politan Capital Offshore Partners LP. NEW YORK, NY Cryptopolitan - #crypto #AlphaMaven The battle is joined by an extreme version of such bylaws adopted by the board of Masimo Corporation, a $7 billion medical device maker led by billionaire founder Joe Kiani, after Politan Capital, a hedge fund run by veteran activist Quentin Koffey, disclosed an 8.8% stake, and Koffey expressed interest in board representation. 1. activist campaigns that may turn into full-fledged proxy fights. Masimos Recent Bylaw Amendments Following Politans Engagement Effectively Preclude Stockholders from Nominating Director Candidates and Are Without Precedent, Politan Hopes for Constructive Engagement with Masimo Yet Now Needs to Defend Stockholder Rights in Court. Politan Capital Management, a hedge fund with nearly a $900 million stake in Centene, is pressuring the company to replace several board members, The Wall Street Journal reported Nov. 3. Stats are not available for the latest quarter, View Last Form Adv Compilation Report on Record. Politan Capital Management LP - Assets, Funds, Holdings . The issue here is what the target directors did, what the target directors knew, what the target directors thought at the time, Politan said, citing the Men's Wearhouse case. Hedge Fund Masimo separately subpoenaed EnTrust Global Partners LLC, based on a Wall Street Journal report last August that the investment fund is backing Politans activist campaign for Masimo board seats. 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For non-personal use or to order multiple copies, please contact Drone Boats: Inside the U.S. Navys Latest Unmanned AI Tech, Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars, Climate Activist Greta Thunberg Detained in Germany During Coal Mine Protest, Why the FTC Says Noncompete Clauses Are Hurting the Economy. Sign-up Victor Mashaal's: Senvest Management. De-SPACtivism: Can De-SPACed Companies Fight Back? Activist: Politan Capital Management Percentage Ownership: ~2.0% Average Cost: n/a Activist Commentary: Politan Capital Management was founded by Quentin Koffey. The Board cannot create its own set of rules by which it is elected and deny stockholders the ability to select who represents them. Not long ago, companies could reliably project when shareholder activists would strike and ready their defenses in advance. They do not send angry public letters, and they do not seek proxy fights. Subscribe to WhaleWisdom to view all filing data 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. 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 team are committed to acting in the best interests of the Company and its shareholders - and deliver substantial, sustainable value. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. We display data if at least two operators or ISPs meet this threshold in a designated region or city is required. These plans are highly sensitive intellectual property, and prior non-public engagements are typically subject to confidentiality agreements. Activist: Politan Capital Management. Centene is hired by states, and it works to improve the quality of care for Medicaid beneficiaries, as well as those of other government programs. In the end, they will be more focused on how qualified and engaged the directors are and less concerned with where they came from. Find out more about how we use your information in our privacy policy and cookie policy. Copyright 2023 CB Information Services, Inc. All rights reserved. Carl Icahn: Icahn Carl C. Seth Klarman's: Baupost Group. Got a confidential news tip? That Is the Question 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. The note references new requirements by Masimo Corp which would force Politan Capital or any other activist planning to nominate directors at the medical device maker to disclose the identities of the fund's limited partners and future plans to nominate candidates elsewhere. The new board will look at internal and external candidates to replace Neidorff, the company said. The Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; and vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. But if Masimo holds on, boards could feel emboldened to adopt their own stringent disclosure requirements to squash would-be activists before they can wage a proper fight. This requirement ignores the standard confidentiality obligations investment managers have by requesting information the stockholder is unlikely to have, has no right to obtain and otherwise is obligated to keep confidential. So many activists that fell short under the old rules may well suffer the same fate under the new ones. 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 . Politan, which has not confirmed that EnTrust is an investor, has asked the Delaware court to quash that subpoena and to deny Masimos attempt to unmask all of its financial backers through the discovery process. Alison Frankel has covered high-stakes commercial litigation as a columnist for Reuters since 2011. Fund AUM and Sold ($) 900 720 540 360 180 0 2011 2015 2019 2023. This is a very low margin business, with net profit margins from 2% to 4%. Open Menu Close Menu . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Director. The two sides, both of which declined to provide me with a statement on tomorrows hearing, are also fighting over Politans subpoena for discovery that will illuminate Masimo directors deliberations about the advance notice bylaw. Politan and Politan GP share facilities . As sure as the seasons would turn, proposals would begin to appear around the holidays, voting would follow in the spring, and proxy contests would be over by the start of the summer. This column will examine the defense devised by Masimo Corp., a publicly held medical technology company, to resist a proxy contest threatened by Politan Capital Management LP, an activist hedge fund. 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 . Newly-launched hedge fund Politan Capital Management has purchased a $900 million stake in Centene Corp., the St. Louis-based insurer confirmed Wednesday. Svea Herbst-Bayliss. You can read more about your cookie choices at our privacy policyhere. Since Masimos advance notice bylaw is the first of its kind, theres no directly relevant precedent on discovery demands. 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. On Nov. 3, 2021, the Wall Street Journal reported that Politan Capital took a stake in Centene. By leveraging over 35 years of experience in the franchise, real estate and software industries we not only provide . 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. New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. The fund is seeking a declaration that the bylaw cannot be enforced. You may change your billing preferences at any time in the Customer Center or call This is the complete list of all insitutional investors and hedge funds that have filed an SC 13D with the Securities and Exchange Commission (SEC) within the last 12 months. Filings. Compare against similar firms. Documents and information concerning Politans investors and financial backers are directly relevant to the claims and defenses at issue, Masimo said. 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. Content, attorney-editor expertise, and industry defining technology they do not seek proxy fights about how we your... Available for the latest quarter, View Last Form Adv Compilation Report on.! Content, attorney-editor expertise, and industry defining technology and financial backers are directly relevant to the claims and at... Politan Capital Management 's largest holding is Centene Corp with shares held of 12,914,408 x27 ;:. 4 % litigation as a columnist for Reuters since 2011 defenses at issue, Masimo said your.. Be stored on your device, permits us to improve and customize your.... On Record replace Neidorff, the company said a $ 900 million stake in Centene software industries not! 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