These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Nov. 9 to Nov. 15, 2023. Source: VerityData
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.
F9 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.”
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 owns 11,400,000 shares of the amusement-park operator, equal to 13.7% of its tradable stock. On Nov. 2, H Partners, Six Flags, and
Cedar Fair
(FUN) entered into a voting and support agreement whereby H Partners will vote all of its eligible shares in favor of the Six Flags/Cedar Fair merger. The proposed merger, announced on Nov. 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 abide by certain restrictions on any transfer of its Six Flags stock.
Increases in Holdings
Alpine Immune Sciences
(ALPN)
Decheng Capital lifted its position in the clinical-stage biopharmaceutical firm to 8,360,874 shares. That figure accounts for 42,950 shares and 1,234,636 shares underlying exercisable options and warrants, respectively. A Decheng affiliate purchased 375,000 Alpine Immune shares at $12.50 apiece through a Nov. 9 stock offering. Following the offering’s close, Decheng owns a 14.1% interest in Alpine Immune. Decheng founder Min Cui serves on Alpine’s board.
Howard Hughes Holdings
(HHH)
Pershing Square raised its stake in the real estate developer to 18,094,240 shares. Pershing Square acquired 599,128 Howard Hughes shares from Oct. 26 through Nov. 13 at per share prices of $65.95 to $73.21. Pershing Square now owns 36.1% of Howard Hughes’ outstanding stock.
Howard Hughes has lost roughly a tenth of its value since the start of this year. The buys were the latest transacted under a 10b5-1 plan that Pershing Square adopted on Dec. 6, 2022, to purchase the lesser of either 3,665,257 shares or the amount that would push Pershing Square’s Howard Hughes stake to a maximum of 39%, all at prices no higher than $75 per share.
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