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Longacre Square Partners represented Hestia Capital Management hedge fund as it won its proxy fight at Pitney Bowes.
PB announced on May 9 that a preliminary vote count found that shareholders voted in support of four of Hestia’s five nominees to the nine-member board.
A PB spokesperson told the Wall Street Journal that the shipping services company looks forward to working constructively with the Hestia-backed directors on the future of the company and on behalf of all shareholders.
Kurt Wolf, Hestia founder and newly minted PB director, said his group is eager to work with incumbent directors to spur a value-generating turnaround at PB.
The proxy fight was one of the first to be waged under new SEC rules that allow investor groups greater ability to place new members on corporate boards.
The rules mandate the use of universal proxy cards that list the names of all director candidates whether they were nominated by management or by outsiders.
Longacre Square Partners’ Greg Marose, Charlotte Kiaie, Casie Connolly and Miller Winston handled Hestia’s run at PB.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
