This is the complete list of all insitutional investors and hedge funds that have filed an SC 13D with the Securities and Exchange Commission (SEC) within the last 12 months. There are 2 companies that go by the name of Politan Capital Partners LP. Centene provides its services to many states, which in turn also work with Centene's peers. The company's CEO is 78 years old and has served on the board for 25 years. Instead, all shareholders have a full quiver at their disposal, and activism is just one arrow. Names of any stockholders who have expressed any support for the nominations (not just financial support). Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Extra 20% Off Sitewide w/ adidas Promo Code, All Jeans + Pants 25% off! Koffey, who previously worked at hedge funds Senator Investment Group and DE Shaw, has a reputation for operating behind the scenes and has been credited with helping push Lowe's Cos (LOW.N) to replace executives and board members. Download 13F Summary 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. Our Standards: The Thomson Reuters Trust Principles. And its a growing challenge that looms large over deals of all sizes. Got a confidential news tip? The company's shares rose 7 percent Wednesday after reporting broke of . Performance Masimo has moved to compel Politan to comply with subpoenas demanding that the fund turn over information about its limited partners. Quentin Koffey, Managing Partner and CIO of Politan, stated: "We are taking this legal action because Masimo has left us no other option for preserving our rights as stockholders. While owning a house may provide a sense of stability and serve as a huge capital asset, taking a house on rent gives greater financial and physical flexibility . Centene is the largest provider of health-insurance plans through the Affordable Care Acts marketplaces. Expected Speed Range. Politan asserts that the bylaw contravenes Delaware law by entrenching Masimos management and interfering with shareholders right to vote for directors. They are obvious choices to add to the board and with five spots up this year on the company's Board, we expect Politan to name two additional and likely diverse nominees. Thanks to our modern infrastructure and research and development division, we develop unique, often patented solutions which are appreciated by our customers. Politan Capital Management LP, founded by veteran activist Quentin Koffey, has a 9% stake in Masimo worth roughly $750 million, the people said. The Details: Cara Lombardo and Juliet Chung were first to report that activist investor Politan Capital Management has taken a roughly $900 million stake in Centene Corp. Politan Capital Management LP is a newly established hedge fund led by veteran activist Quentin Koffey. Masimo responded that the disclosures were insufficient and did not comply with the bylaws, further reinforcing that the Bylaw Amendments, in effect, preemptively block stockholders from nominating candidates for election to the Board. The very next week the Company rejected our request for a meeting and amended its bylaws to effectively block stockholders ability to nominate directors. So many activists that fell short under the old rules may well suffer the same fate under the new ones. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Most recently, Koffey led . Find out more about how we use your information in our privacy policy and cookie policy. Gala Capital. Politan Capital Management is an investment firm founded by Quentin Koffey. Market-leading rankings and editorial commentary - see the top law firms & lawyers for Energy transactions: electric power in United States Issuer's Identity 2. Its Managed Care segment offers health plan coverage to individuals through government-subsidized programs, including Medicaid, state children's health insurance programs, long-term services and support, foster care, and Medicare-Medicaid plans. This will make mounting a challenge far more dynamic, potentially strengthen activists appetite for a fight, and require a different strategic mindset to counter. A new board that holds the right management team accountable can replicate what Burdick did at WellCare, and getting the margins to 4.5% could lead to a tripling of the company's stock price. 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"). Under the new rules, shareholders voting by proxy in contested director elections can use one card to vote for a combination of director nominees from competing slates, just as if they were voting in person. Kimberly Dart Heidt's Post Kimberly Dart Heidt Principal at Dart Retail Advisors, Inc. 6d WRITE REVIEW. You can read more about your. Two of the incoming directors were proposed by Politan, a new firm founded by veteran investor Quentin Koffey. Politan Capital Management LP c/o Schulte Roth & Zabel LLP 919 Third Avenue, Suite 2300 New York, New York 10022 646-690-2830 With a copy to: Richard M. Brand Cadwalader, Wickersham & Taft LLP. Politan Capital Management is based out of New York. Politan Capital Management signed a five-year lease for 3,482 square feet on the entire 10th floor, while Electra USA inked a 10-year deal for 2,492 square feet on the full 26th floor, according to . Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. Our Standards: The Thomson Reuters Trust Principles. Its lead director is 87 years old, has also served on the board for 25 years and has been lead director that entire time (versus an average lead director's tenure of four years for S&P 500 companies). Advance-notice bylaws are nothing new. They require providing information that a nominating stockholder either does not have access to or is prohibited from disclosing due to confidentiality obligations. Centene is a managed care organization that provides health plan coverage to individuals through government-subsidized and commercial programs. But those of Masimo Corp., the global medical technology company, are stronger than most. Date Filing Type Reported Sold Incremental Cash Type Exemptions Link to Raw Filing; 2022-09-16 Amended: $185,218,748: $185,218,748: Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. See here for a complete list of exchanges and delays. You may cancel your subscription at anytime by calling Since Masimos advance notice bylaw is the first of its kind, theres no directly relevant precedent on discovery demands. divided by the total MV of the fund. 1.3. hestia at pitney bowes . POLITAN CAPITAL MANAGEMENT CRD No. 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. Whalewisdom has at least 4 13F filings, and 3 13D filings. 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Their business is recorded as FOREIGN LIMITED PARTNERSHIP . To embed, copy and paste the code into your website or blog: These acquisitions need to be integrated and operations need to be centralized. 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.. This company needs for the first time since it went public, a board of experienced directors and fresh eyes to hold management accountable and develop a comprehensive succession plan. But if Masimo holds on, boards could feel emboldened to adopt their own stringent disclosure requirements to squash would-be activists before they can wage a proper fight. Subscribe to WhaleWisdom to view all filing data Custodian. Bumpitrage: As Activists Increasingly Attack Deals, How Can Companies Prepare? Hotels near Zeithain Station, Riesa on Tripadvisor: Find traveler reviews, 575 candid photos, and prices for 614 hotels near Zeithain Station in Riesa, Germany. Politan and Politan GP share facilities . POLITAN CAPITAL PARTNERS LP. Yet seeking a board seat is one thing, and winning one is quite another. Many of these companies have seen their value fall sharply, are still in the development stage, have unproven management teams with little public-company experience, and have boards of directors who are unfamiliar with the nature of fiduciary duties and corporate governance at public companies. It might have an amusing name. and a top 10 holdings concentration of 100.0%. (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. The discovery dispute, by itself, won't determine the merits of Politan's closely watched challenge to a bylaw that Masimo adopted after the hedge fund acquired an 8.4% stake in the company earlier this year. Submitters are 7x more likely to receive a qualified connection. Politan Capital Management operates as an investment firm. The battle is joined by an extreme version of such bylaws adopted by the board of Masimo Corporation, a $7 billion medical device maker led by billionaire founder Joe Kiani, after Politan Capital, a hedge fund run by veteran activist Quentin Koffey, disclosed an 8.8% stake, and Koffey expressed interest in board representation. When 2 percentage points of margin is the difference between doubling your profits or not, the valuation of these businesses largely depends on how costs are managed. Politan Capital Management LP c/o Schulte Roth & Zabel LLP 919 Third Avenue, Suite 2300 New York, New York 10022 646-690-2830 With a copy to: Richard M. Brand Cadwalader, Wickersham & Taft LLP 200 Liberty Street New York, NY 10281 212-504-6000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) For over 30 years we have demonstrated an unwavering commitment to our clients, community and each other. An activist investor has taken a big stake in Centene Corp. and wants the managed-care company to refresh its board and take other actions to boost its stock, according to people familiar with the matter. If Delaware courts bless Masimos tactic, Politan predicted in its complaint, scores of other companies can be expected to rush to adopt similar, or identical, advance notice bylaws, thereby, in Politans view, subverting shareholders right to elect dissident directors. Politans lawyers from Schulte Roth & Zabel and Cadwalader, Wickersham & Taft contend the Masimo bylaw is a naked and unprecedented attempt to chill activist investors by demanding that they divulge confidential information about their investors and future plans. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. email address below and choose 'Submit'. Fund Details. Politan, which has not confirmed that EnTrust is an investor, has asked the Delaware court to quash that subpoena and to deny Masimos attempt to unmask all of its financial backers through the discovery process. 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. Stats are not available for the latest quarter, View Last Form Adv Compilation Report on Record. Companies now face attacks throughout the year from all angles and by both familiar and unfamiliar aggressors. Activist Commentary: Politan Capital Management was founded by Quentin Koffey. Politan Capital is located in Great Neck, New York. Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the "Company") (NASDAQ: M Politan Capital Partners LP. 316047 | Last Form ADV Filed on 25 Jul 2022 | Registration: SEC Summary Details Export Identifying Information CRD No. 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 . Business: Centene operates as a multi-national health-care enterprise that provides programs and services to under-insured and uninsured individuals in the United States. containing a link to download the .zip file of the CSV file(s) you requested. Politan's key argument is that under Delaware precedent, including a 2017 transcript ruling in The Mens Wearhouse Inc v. Wildrick, the legitimacy of Masimos bylaw rests entirely on what its board members knew when they adopted the advance notice requirement. ", View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005274/en/, Media Dan Zacchei / Joe GermaniLongacre Square Partnersdzacchei@longacresquare.com / jgermani@longacresquare.com, Bylaw Amendments, in effect, preemptively block stockholders from nominating candidates for election to the Board, https://www.businesswire.com/news/home/20221021005274/en/, J.B. Hunt's results miss estimates on intermodal weakness, high driver pay, Davos 2023: Convert offices to homes to curb housing crisis-panel, Aviation Capital latest lessor to doubt Airbus, Boeing targets, UPDATE 1-Argentina to buy back $1 bln in overseas debt, economy minister says, Morgan Stanley promotes 184 executives to role of managing directors. Politan says that Masimo's "harassment" of EnTrust shows exactly why funds don't want to reveal their investors. The companys lawyers at Quinn Emanuel Urquhart & Sullivan and Paul Hastings have said Masimo adopted the bylaw to promote transparency after the U.S. Securities and Exchange Commission changed proxy voting rules to require that companies present shareholders with all board candidates on a single voting card. Enter your details below. Barry Rosenstein's: Jana Partners. Alt Turnover is calculated by taking either the total MV of new purchases or Registered Agent: Masimo, broadly speaking, insists that Delaware courts must uphold corporations discretion to require disclosures from would-be board members who may have ulterior motives. Politans specific ideas couldnt be learned. Politan Capital Management has invested in Masimo on Aug 15, 2022. 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. Masimos bylaws eliminate stockholders ability to nominate directors and restrict stockholder voting to only those candidates selected by the incumbents. Polen Capital is a global leader in quality growth and high yield investing. Before joining Reuters, she was a writer and editor at The American Lawyer. [1]: Politan owns a roughly $900 million stake in Centene, which is valued at $46 billion. 2023 CNBC LLC. They do not send angry public letters, and they do not seek proxy fights. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Masimos robust advance-notice bylaws require that shareholders seeking to nominate directors disclose certain information about the nominating shareholders investors, alongside a wide range of other revealing information. After repeated requests, Mr. Kiani finally agreed to a meeting, during which we expressed our interest in obtaining representation on Masimos Board and made clear that Politan was approaching the situation with an open mind, would reserve judgment on any of Masimos strategic initiatives and had a long-term focus with the substantial majority of our capital committed for three to four years. Victor Mashaal's: Senvest Management. Proxy voting next spring will be the first full season under the SECs new rules requiring that management and shareholders use universal proxy cards in contested director elections. 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. The new board will look at internal and external candidates to replace Neidorff, the company said. Customer Service. Politan looks for (i) high quality businesses that underperform their peers or potential, (ii) where there is a clear fix and (iii) a clear pathway to implement that fix. 316047 Latest Filing 25 Jul 2022 SEC No. Sign up for free newsletters and get more CNBC delivered to your inbox. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. It was founded in 2021 and is based in New York, New York. At last week's investor day, the company said it expects to add $10 billion in revenue to reach $135 billion for full year 2022, and it said it is on the path to double-digit earnings growth for the next three years. Most recently, Koffey led the activism strategy at Senator Investment Group. CBI websites generally use certain cookies to enable better interactions with our sites and services. to see more advanced email alert options such as selecting any type of That Is the Question Politan Capital reportedly took a $900 million stake in Centene Corp. ( CNC) last year and in December the company reached a cooperation agreement with the activist. By leveraging over 35 years of experience in the franchise, real estate and software industries we not only provide . , a New firm founded by Quentin Koffey the same fate under the New board look... 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