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 in July laid the groundwork for a succession plan when it established its office of the president and Neidorff said recently in public that he would not expect to be renewing his contract as CEO, the company said. He will become executive chairman but will not keep that position beyond 2022. I dont envy Cook, who joined Chancery Court only in September. Politan, which owns an 8.9% stake in Masimo and is run by Quentin . Barry Rosenstein's: Jana Partners. Politans specific ideas couldnt be learned. By leveraging over 35 years of experience in the franchise, real estate and software industries we not only provide . Politan Capital Management's largest holding is Centene Corp with shares held of 12,914,408. Koffey is operating Politan more like a private equity fund than a traditional long-short equity hedge fund, as it can draw down locked up capital to give it enough time to accomplish its goals through active engagement with boards and management teams to improve governance, operations or strategic direction. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. Politan Capital Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $1,172,004,771 (Form ADV from 2022-07-25). All Rights Reserved. Performance numbers calculated through 2022-11-14. Over the past months we have tried to engage constructively with Mr. Kiani and the Board. Investment Advisor Politan Capital Offshore Partners LP. Subscribe to WhaleWisdom to view all filing data Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. . Private Equity Firm, Venture Capital Venture 42,876 Highlights Investments 1 Exits 1 Similar Companies 15 Recent News & Activity Funding Round Aug 15, 2022 Masimo raised $750,000,000 / Post Ipo Equity from Politan Capital Management Discover more funding rounds Details For the future of shareholder activism, the stakes have rarely been higher. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Carl Icahn: Icahn Carl C. Seth Klarman's: Baupost Group. 801-122191 Form of Organization Limited Partnership Legal Domicile DE, United States Registration SEC Contact Details Phone 000-000-0000 Victor Mashaal's: Senvest Management. A Dartmouth college graduate, she has worked as a journalist in New York covering the legal industry and the law for more than three decades. Newly-launched hedge fund Politan Capital Management has purchased a $900 million stake in Centene Corp., the St. Louis-based insurer confirmed Wednesday. Politan Capital Management has had 1 exit, which was Masimo. Politan owns a roughly $900 million stake in Centene, which is valued at $46 billion. 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. If Politan prevails, boards at other companies could see their advance-notice bylaws which are generally far less strict thrown out under similar legal scrutiny. Over half the board has a tenure of over 15 years (versus 1% of all S&P 500 directors). Brummer Multi-Strategy, the multi-strategy fund that invests in the hedge funds under the umbrella of Brummer & Partners, redeemed its 1.2 percent allocation to . Politan recently submitted a draft nomination notice with more than 100 pages of information about the firm and its Managing Partner, Quentin Koffey. They do not send angry public letters, and they do not seek proxy fights. A case presently before the Delaware Court of Chancery challenging a corporation's advance notice bylaw amendments, initiated by activist investor Politan Capital Management LP in October 2022, [1] brings to mind the storied Icarus. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. (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. Polen Capital is a global leader in quality growth and high yield investing. Any shareholders that can summon the energy and ambition and the capital to match can exercise their right to fight. 1. Politan is likely going to strongly advocate for Burdick and DeVeydt as directors. How do I update this listing? Companies that realize this will be well positioned to defend themselves next year; those who dont, wont. 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. Hes going to have a lot to think about on Tuesday. 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. Whalewisdom has at least 4 13F filings, and 3 13D filings. Politan is a company with a strong and stable position developed over many years, not only on the Polish market. Politan has compared the discovery dispute to litigation over plaintiffs demands for corporate books and records, arguing that Masimo should not be allowed to use the backdoor of discovery to obtain investor information thats at the heart of the funds challenge to the merits of the bylaw. Sign up for free newsletters and get more CNBC delivered to your inbox. That Is the Question info@politanmgmt.com . Activist: Politan Capital Management. Securities law guru John Coffee of Columbia Law School said in a blog post in October that requiring activist hedge funds to disclose their own backers advances the goal of greater transparency. Coffee derided Chicken Little-like predictions that such disclosures would pose an existential threat to activist campaigns. POLITAN CAPITAL MANAGEMENT CRD No. Howard Marks's: Oaktree Capital Management. The company's lawyers argue that Masimo board members were suspicious of Politan's repeated assertion that its investors are passive and free of conflicts. Headquarters Location New York, New York, United States Suggest an edit Want to inform investors similar to Politan Capital Management about your company? Alison Frankel has covered high-stakes commercial litigation as a columnist for Reuters since 2011. Six board members will be leaving and Michael Neidorff, 77, who has led Centene since 1996, will retire as CEO next year, the company said. 316047 | Last Form ADV Filed on 25 Jul 2022 | Registration: SEC Summary Details Export Identifying Information CRD No. This is a situation that should settle, but if this does go to a proxy fight, we expect that Politan will prevail. But it could affect corporations' ability to scare off activist hedge funds merely with the threat of unmasking backers through discovery demands. Filings. Their last reported 13F filing for Q3 2022 included $1,661,104,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. Sign In. NEW YORK, October 21, 2022--(BUSINESS WIRE)--Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company") (NASDAQ: MASI), filed a lawsuit in the Court of Chancery of the State of Delaware today against the Company and its Board of Directors (the "Board"). These companies are located in Dover DE and New York NY. These disclosures would chill important and permitted communications among stockholders communications that the Securities and Exchange Commission has expressly encouraged and facilitate the harassment of any potential supporters of a stockholders efforts to nominate new directors. 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. Registered Agent: All quotes delayed a minimum of 15 minutes. In addition to Irenic Capital, which Adam Katz and Andy Dodge founded in 2021, new names include Strive Asset Management, founded by Vivek Ramaswamy in 2022, and Politan Capital Management, which . But in a client alert issued last month, Sidley Austin which, keep in mind, bills itself as a specialist in helping companies defend against activist hedge funds said that Masimo was flying close to the sun and risked undermining reasonable and appropriate advance notice bylaws.. Masimos array of defensive measures is extreme: a staggered board, a poison pill, a change of control provision in its CEO compensation that is triggered just by two directors being replaced, and now these bylaws. Before joining Reuters, she was a writer and editor at The American Lawyer. Politan Capital is located in Great Neck, New York. Average Cost: $143.73. The Board cannot create its own set of rules by which it is elected and deny stockholders the ability to select who represents them. Politan Capital Management LP, a newly established hedge fund led by veteran activist Quentin Koffey, has a roughly $900 million stake in Centene and has spoken to the company about replacing. Industry: Pooled Investment Fund (See others in industry) Address: C/O Walkers Corporate Limited 190 Elgin Avenue George Town, Grand Cayman, E9, KY1-9008 Phone: 345-814-7600 . Find company research, competitor information, contact details & financial data for Politan Capital Inc of Great Neck, NY. This is a board that is desperately in need of refreshment the average tenure of the current Board is 11 years and the average age of the directors is 70 (both would be higher but for the new directors added only because of the WellCare merger). Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. This reprices annually. Nicholas H. Politan, Jr. is a partner in the New York office of Gibson, Dunn & Crutcher and Co-Chair of Gibson Dunn's Energy (Power and Renewables) Practice Group. An activist investor has a big stake in Masimo Corp. and plans to push the medical-device company to take action to improve its stock price following a poorly received acquisition, according to people familiar with the matter. These plans are highly sensitive intellectual property, and prior non-public engagements are typically subject to confidentiality agreements. 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. Companies now face attacks throughout the year from all angles and by both familiar and unfamiliar aggressors. Open Menu Close Menu . Among the incoming directors are Kenneth Burdick, a former chief executive at WellCare Health Plans Inc, which Centene bought last year, and Wayne DeVeydt, a former chief financial officer at health insurer Anthem Inc. Christopher Coughlin and Theodore Samuels will also join the board. Any after-the-fact revelation of the identity of Politans backers, the fund said, is irrelevant. 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. On Nov. 3, 2021, the Wall Street Journal reported that Politan Capital took a stake in Centene. Vinson & Elkins: Every Season Is Activist Season: Five Big Questions for 2023, Hedge Fund, Electromechanical Company Take Space at 106 West 56th Street, Insider buying: This CEO bought roughly $5 million of his stock after an activist investor lawsuit, Centene to shed Magellan Specialty Health for more than $600M, Medtech Company Invents Fentanyl-Level Poison Pill Fatal To Shareholder Activism. NEW YORK, October 21, 2022 -- ( BUSINESS WIRE )--Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company"). The company receives a contracted premium per member and is responsible for medical costs. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. All text and design is copyright 2020 WhaleWisdom.com. In this pro-ESG vs. anti-ESG environment, institutional investors the electorate whose support activists need to win any proxy contest may look to evaluate ESG-oriented proposals and campaign themes more on their ability to create more-immediate shareholder value. The suit is in response to amendments to Masimos bylaws that the Company adopted on September 9, 2022 (the "Bylaw Amendments") one week after its only meeting with Politan at which time the Board also instituted a stockholder rights agreement (commonly known as a poison pill). Most recently, Koffey led. Politan Capital has large stake in Masimo August 16, 2022 - Activist investor Politan Capital Management LP has a 9% stake in Masimo worth roughly $750 million, and "plans to push the medical-device company to improve its stock price following a poorly received acquisition," according to a report from The Wall Street Journal. Contracted premium per member and is responsible for medical costs the Board over half Board! 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