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. The Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; and vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. 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 . An operator or ISP must account for 3% or more of total test samples in the market to be on this list. 316047 Latest Filing 25 Jul 2022 SEC No. All Jeans + Pants 25% off! divided by the total MV of the fund. 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). You will be notified in advance of any changes in rate or terms. All Rights Reserved. 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. These companies are located in Dover DE and New York NY. Date Filing Type Reported Sold Incremental Cash Type Exemptions Link to Raw Filing; 2022-09-16 Amended: $185,218,748: $185,218,748: Yet they do have some strategies they can turn to conducting a corporate governance analysis, carrying out a carefully designed public communications campaign, readying a comprehensive break glass in case of emergency plan, and many more. De-SPACtivism: Can De-SPACed Companies Fight Back? In the legend, a master craftsman creates wings of feathers and wax for himself and his son to escape danger. Companies now face attacks throughout the year from all angles and by both familiar and unfamiliar aggressors. Sustainable Capital: To ESG or Not to ESG? Expected Speed Range. You can read more about your. Politan recently submitted a draft nomination notice with more than 100 pages of information about the firm and its Managing Partner, Quentin Koffey. Politans specific ideas couldnt be learned. NEW YORK, NY Law firm Sidley warns clients about rules that may hinder activists, CEOs, not proxy cards, are what fuel activists, Koffey's Politan takes 9% stake in Masimo, to push for change. Get this delivered to your inbox, and more info about our products and services. As part of the deal, the board will appoint five new directors, including Ken Burdick, former CEO of WellCare, which Centene acquired for $17 billion in 2020; Ted Samuels, a former investment. Their latest investment was in Masimo as part of their PIPE on August 8, 2022. 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. Companies hoping to mitigate the risk of bumpitrage now need to prepare thoroughly for the possibility that an activist or even a long-term shareholder could strike. Address: 850 New Burton Road Suite 201. 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. Newly-launched hedge fund Politan Capital Management has purchased a $900 million stake in Centene Corp., the St. Louis-based insurer confirmed Wednesday. The company's shares rose 7 percent Wednesday after reporting broke of . Headquarters Location New York, New York, United States Suggest an edit Want to inform investors similar to Politan Capital Management about your company? 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 several board members, the people said. Activist Commentary: Politan Capital Management was founded by Quentin Koffey. Continue reading your article witha WSJ membership, Already a member? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. This organization primarily operates in the Investors, nec business / industry within the Holding and Other Investment Offices sector. Welcome to. 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. Mr. Politan is also a member of the Global Finance Practice Group. Fund Details. Our Standards: The Thomson Reuters Trust Principles. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Filings. The Board cannot create its own set of rules by which it is elected and deny stockholders the ability to select who represents them. Market-leading rankings and editorial commentary - see the top law firms & lawyers for Energy transactions: electric power in United States Microsoft and partners may be compensated if you purchase something through recommended links in . for POLITAN CAPITAL MANAGEMENT LP, Top 20 equal-weighted holdings. By continuing to use this site you are consenting to these choices. our Subscriber Agreement and by copyright law. 1. As part of a sweeping set of changes, the company will also require board members to retire at age 75. Most recently, Koffey led the activism strategy at Senator Investment Group. This organization has been operating for approximately 5 years. Politan Capital Management has had 1 exit, which was Masimo. 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. Because the company adopted the new disclosure requirements after Politan said it wanted to engage with corporate management, Sidley said, the bylaw might be subject to enhanced scrutiny. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. De-SPACed companies those that have gone public through a merger with a special purpose acquisition company (SPAC) have become especially vulnerable to activist attacks. (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. 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. Now, every season is activist season, and companies would do well to consider five key questions as they prepare for the year ahead. 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 . Ernst & Young Ltd, Ernst & Young LLP. Politan is a company with a strong and stable position developed over many years, not only on the Polish market. To embed, copy and paste the code into your website or blog: Activist Commentary: Politan Capital Management was founded by Quentin Koffey. Politan says that Masimo's "harassment" of EnTrust shows exactly why funds don't want to reveal their investors. Politan owns a roughly $900 million stake in Centene, which is valued at $46 billion. 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. POLITAN CAPITAL, CORP. Company Number 4555618 Previous Company Numbers C4555618 Status Active Incorporation Date 21 January 2020 (almost 3 years ago) Company Type Stock Corporation - CA - General Jurisdiction California (US) Registered Address 7840 FIRESTONE BLVD STE 109 DOWNEY CA 90241 United States Agent Name GUIDO A FUENTES Agent Address For the future of shareholder activism, the stakes have rarely been higher. When completed, an email will be sent to the email address you specify 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. Politan is likely going to strongly advocate for Burdick and DeVeydt as directors. Politan put that information in play when it sued to invalidate the company's bylaw, Masimo contends. You may change your billing preferences at any time in the Customer Center or call The timing and sequencing was as predictable as insomnia for kids on Christmas Eve. Investment Advisor Polen Capital is a global leader in quality growth and high yield investing. 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. 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. But for companies involved in M&A, bumpitrage is no joke. POLITAN CAPITAL MANAGEMENT CRD No. Names of any stockholders who have expressed any support for the nominations (not just financial support). The fund is seeking a declaration that the bylaw cannot be enforced. There are 2 companies that go by the name of Politan Capital Partners LP. Hes going to have a lot to think about on Tuesday. Masimos Recent Bylaw Amendments Following Politans Engagement Effectively Preclude Stockholders from Nominating Director Candidates and Are Without Precedent, Politan Hopes for Constructive Engagement with Masimo Yet Now Needs to Defend Stockholder Rights in Court. Stats are not available for the latest quarter, View Last Form Adv Compilation Report on Record. NEW YORK, (BUSINESS WIRE) -- Politan Capital Management (together with its affiliates, "Politan"), an 8.8% stockholder of Masimo Corporation ("Masimo" or the. Many of the Bylaw Amendments are unprecedented among publicly traded companies. Customer Service. 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%. Politan's specific ideas couldn't be learned. NEW YORK 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"). By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. But those of Masimo Corp., the global medical technology company, are stronger than most. And its a growing challenge that looms large over deals of all sizes. or to simply have an email sent to you whenever we receive a new The company said its stock price has outperformed over the last decade, posting a total share return of 774% while the S&P 500 gained 365% and the S&P 500 Health Care Sector Index rose 390%. The industry leader for online information for tax, accounting and finance professionals. Prior to that, he led the activist practice at DE Shaw and before that he was at Elliott Associates. They require providing information that a nominating stockholder either does not have access to or is prohibited from disclosing due to confidentiality obligations. Issuer's Identity 2. Director. Date Filing Type Reported Sold Incremental Cash Type Exemptions Link to Raw Filing; 2022-09-16 Amended: Since Masimos advance notice bylaw is the first of its kind, theres no directly relevant precedent on discovery demands. For non-personal use or to order multiple copies, please contact Politan Capital is located in Great Neck, New York. BOSTON, Dec 14 (Reuters) - Centene Corp (CNC.N) reached a deal with activist investment firm Politan Capital Management in which five new directors will join the managed care company's board and its chief executive will retire in 2022 after serving for a quarter of a century. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Gibson, Dunn & Crutcher LLP > Palo Alto, United States > Firm Profile Politan Capital Management LP, . CBI websites generally use certain cookies to enable better interactions with our sites and services. Fund AUM and Sold ($) 900 720 540 360 180 0 2011 2015 2019 2023. Politan Capital Management's largest holding is Centene Corp with shares held of 12,914,408. NEW YORK, October 21, 2022--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"). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. for Q3 2022: Percentage of assets under management,Performance-based fees, MANAGING PARTNER, CHIEF INVESTMENT OFFICER, AND CHIEF COMPLIANCE OFFICER | LIMITED PARTNER, PORTFOLIO MANAGER AND CHIEF COMPLIANCE OFFICER, MANAGING MEMBER POLITAN CAPITAL MANAGEMENT GP, LLC. So many activists that fell short under the old rules may well suffer the same fate under the new ones. 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. 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. Russian TV Touts a Big Victory in Ukraine. 316047 | Last Form ADV Filed on 25 Jul 2022 | Registration: SEC Summary Details Export Identifying Information CRD No. Registered Agent: After years of growth and optimism, the ESG movement is encountering its first serious ideological push-back, with anti-ESG activists increasingly seeking to influence the focus of activists who in recent years have used ESG as part of the narrative for their proxy campaigns. This copy is for your personal, non-commercial use only. 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) Politan Capital Management LP - Assets, Funds, Holdings . 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. Hedge Fund Auditor. Find out more about how we use your information in our privacy policy and cookie policy. All quotes delayed a minimum of 15 minutes. In this regard, Centene has been significantly underperforming its peers with a 2.4% profit margin versus WellCare (which Centene recently acquired) at 4.2% and Molina Healthcare at 4.5%. 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