Latest news with #SveaHerbst-Bayliss
Yahoo
5 days ago
- Business
- Yahoo
Jefferies hires Lazard's Thomas for activism defense, sources say
By Svea Herbst-Bayliss NEW YORK (Reuters) -Jefferies has hired a veteran Lazard banker as global head of the firm's activism defense practice, people familiar with the situation said on Wednesday, as more corporations face pressure from activist investors. The New York-headquartered bank is bringing on Richard Thomas, a managing director who has served as co-head of Lazard's Equity Advisory practice, the people said. Thomas will replace Chris Young, who had been the head of activism at Jefferies and is leaving the bank, said the people who were not authorized to discuss personnel matters publicly. Thomas will report to Chris Roop, who is head of mergers and acquisitions for the Americas. Bloomberg first reported the news of Thomas' move. A Jefferies representative declined to comment. Thomas and Young did not respond to requests for comment. The move comes as many banks are paying more attention to defending their clients from the overtures of investors flexing their muscle and demanding a host of changes from selling the company to switching out the chief executive officer. While protecting companies against pushy investors was once a nice-to-have add-on service, it has become a lucrative business that major investment banks and many boutiques are scrambling to offer clients. In April, JPMorgan hired two managing directors to beef up its activism defense group and other banks are said to be looking to make new hires, bankers and lawyers said. Jefferies ranked 10th in Bloomberg's tally of Global Financial Advisers last year, trailing Goldman Sachs, JPMorgan and Bank of America, which claimed the top three spots in defending companies against activists last year. At the same time, Jefferies has been on a broader hiring spree, having most recently poached four senior tech bankers from Guggenheim Partners. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Jefferies hires Lazard's Thomas for activism defense, sources say
By Svea Herbst-Bayliss NEW YORK (Reuters) -Jefferies has hired a veteran Lazard banker as global head of the firm's activism defense practice, people familiar with the situation said on Wednesday, as more corporations face pressure from activist investors. The New York-headquartered bank is bringing on Richard Thomas, a managing director who has served as co-head of Lazard's Equity Advisory practice, the people said. Thomas will replace Chris Young, who had been the head of activism at Jefferies and is leaving the bank, said the people who were not authorized to discuss personnel matters publicly. Thomas will report to Chris Roop, who is head of mergers and acquisitions for the Americas. Bloomberg first reported the news of Thomas' move. A Jefferies representative declined to comment. Thomas and Young did not respond to requests for comment. The move comes as many banks are paying more attention to defending their clients from the overtures of investors flexing their muscle and demanding a host of changes from selling the company to switching out the chief executive officer. While protecting companies against pushy investors was once a nice-to-have add-on service, it has become a lucrative business that major investment banks and many boutiques are scrambling to offer clients. In April, JPMorgan hired two managing directors to beef up its activism defense group and other banks are said to be looking to make new hires, bankers and lawyers said. Jefferies ranked 10th in Bloomberg's tally of Global Financial Advisers last year, trailing Goldman Sachs, JPMorgan and Bank of America, which claimed the top three spots in defending companies against activists last year. At the same time, Jefferies has been on a broader hiring spree, having most recently poached four senior tech bankers from Guggenheim Partners. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Glass Lewis backs two of Deep Track's four nominees in Dynavax fight
By Svea Herbst-Bayliss NEW YORK (Reuters) -Proxy advisory firm Glass Lewis urged Dynavax Technologies shareholders to elect two of investment firm Deep Track Capital's four director nominees, arguing change is needed because the company has not been responsive enough to shareholders. Glass Lewis recommended in a report that shareholders vote for Brett Erkman, a Deep Track managing director, and biotech industry executive Donald Santel to replace sitting directors Brent MacGregor and Scott Myers, the current board chair. Emeryville, California-based Dynavax, which makes a vaccine designed to prevent the hepatitis B infection that can lead to chronic liver disease and death, has an 11-member board but only four are standing for election this year. Shareholders will cast ballots at the June 11 annual meeting unless the two sides reach a settlement beforehand. Proxy advisory firm recommendations often guide how money managers vote on hot button issues like corporate elections and mergers. "Shareholders should support the change of two incumbent board seats given the company's prolonged capital conservatism and the board's limited responsiveness to shareholder feedback," the report said. The two Deep Track nominees would bring "relevant and differentiated experience to the board," it added. Erkman has worked as a private equity investor in life sciences and Santel is a life sciences executive who has done deals. Deep Track, Dynavax's second largest shareholder with a nearly 15% stake, wants new directors to prioritize development of the company's hepatitis B vaccine Heplisav instead of pursuing new acquisitions. Dynavax is valued at $1.2 billion and its share price has dropped 22% this year. In May, Institutional Shareholder Services, Glass Lewis' bigger rival, recommended that all company directors be reelected, arguing Deep Track failed to make its case for change. A Deep Track representative welcomed the report. Dynavax disagreed with the recommendation, saying Glass Lewis noted its board "has been meaningfully refreshed with high quality and sector-specific expertise," a company representative said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Dye & Durham shakes up C-suite with new picks, ignores former CEO's demands
By Svea Herbst-Bayliss and Kritika Lamba (Reuters) -Dye & Durham on Monday announced a dramatic shift in leadership when it named a new chief executive and a new chief financial officer, ignoring demands from a former chief who is also a large investor to pursue a different course. The Canadian legal software maker appointed former LexisNexis executive George Tsivin as chief executive and brought back Avjit Kamboj to reprise his role as chief financial officer. It also hired Nikesh Patel as chief product officer. "After an in-depth and diligent search, we have assembled a world-class leadership team to guide the company through its next chapter," board chair Arnaud Ajdler said in a statement. Kamboj, who left Dye & Durham in 2022, guided the company's financial strategy during its initial public offering and significant growth stages. The announcement comes two weeks after a former Dye & Durham CEO, Matthew Proud, urged the company to stop searching for a new chief and permanently hand the job to the man doing it already in an interim capacity. More importantly, Proud, whose company Plantro Ltd controls 12% of Dye & Durham, urged a board refresh and is pushing the company to divest the financial services division and then begin work on selling the remaining core business. He also said he is ready to call a special shareholder meeting unless the board considers the changes he is proposing. He stepped down from the CEO position six months ago. Dye & Durham's financial performance has worsened, Proud said on Monday, as earnings have dropped against a backdrop of higher costs and flat revenue. The company has not publicly responded to Proud's criticisms. The company last month reported third quarter fiscal 2025 earnings and its stock price tumbled 50% in the last six months, valuing the company at roughly $490 million. The stock price fell nearly 2% in early trading on Monday. At December's annual meeting, activist investor Engine Capital, run by Ajdler, won control of the board through a proxy fight. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
ISS backs Dynavax directors in board fight with Deep Track Capital
By Svea Herbst-Bayliss NEW YORK (Reuters) -Proxy advisory firm Institutional Shareholder Services urged Dynavax Technologies shareholders on Friday to reelect all its company directors instead of backing life sciences investment firm Deep Track Capital's four nominees. "Vote for all four management nominees," ISS wrote in a note to clients that was seen by Reuters. "The dissident has failed to present a compelling case that change is necessary at this meeting." Investors will vote on June 11. Recommendations from ISS and its rivals Glass Lewis and Egan-Jones often help guide shareholders' decisions. Deep Track Capital is pushing on with a proxy fight and wants new directors to prioritize development of the company's hepatitis B vaccine instead of pursuing new acquisitions. The investment firm is Dynavax's second largest shareholder with a nearly 15% stake. It wants Dynavax to focus exclusively on growing Heplisav, a vaccine designed to prevent the hepatitis B infection that can lead to chronic liver disease and death, into an asset that a large pharma company would want to own. While ISS recommended against Deep Track's nominees, it acknowledged certain challenges. "There has been a stall in momentum," it said in a report, but noted that "the market has in no way rebuked the company's strategy." Dynavax's stock price has fallen 18% over the last 12 months. Representatives for Dynavax and Deep Track did not immediately respond to requests for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
