In today’s briefing:
- [JAPAN ACTIVISM] Palliser Gets ISS/GL Nods for Keisei AGM Proposals – How Will The Swing Vote Swing?
- GFL Environmental – Why Is It An Attractive M&A Target Amidst The Current Market Frenzy & At What Valuation? – Financial Forecasts
[JAPAN ACTIVISM] Palliser Gets ISS/GL Nods for Keisei AGM Proposals – How Will The Swing Vote Swing?
- In Oct2023, activist Palliser Capital launched a campaign on well-known “stub trade” Keisei Electric Railway Co (9009 JP) (1.6% stake). The proposal? Monetise OLC, invest for growth, be shareholder friendly.
- Keisei responded 3+mos ago: buyback and 1% OLC stake sale but said OLC would remain an equity affiliate. Palliser re-engaged in late April (Japanese/English and two AGM agenda items). Keisei objected.
- Palliser made their case, Glass Lewis and ISS support Palliser. Palliser likely cannot win. The goal here isn’t to win though. It is to get enough to raise management consciousness.
GFL Environmental – Why Is It An Attractive M&A Target Amidst The Current Market Frenzy & At What Valuation? – Financial Forecasts
- GFL Environmental Inc., having begun the year with strong performance, has reported first quarter results that exceeded expectations, driven by robust execution and strategic growth initiatives.
- The company showcases a balanced approach between organic growth and strategic acquisitions, which could attract potential suitors, considering the company is exploring sales options.
- GFL Environmental’s Q1 revenue reached $1.8 billion, a 6.5% increase year-over-year, driven by better-than anticipated pricing and volume adjustments.
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