NEW YORK (The Deal) -- A seemingly innocuous settlement between the Federal Trade Commission and activist fund manager Third Point's Dan Loeb didn't receive much notice, in part because the insurgent fund manager didn't have to pay any monetary penalties. Nevertheless, the agreement, which resulted from Third Point's 2011 campaign at Yahoo! , has privately set off warning bells among some activist fund managers and their legal advisers, who argue the regulatory move will chill insurgents and their efforts to drive changes and improve share prices at targeted companies.
Third Point’s Ftc Settlement Could Chill Activist Investors
twocents@thestreet.com (Ronald Orol), The Street
Mon, 10/05/2015 - 6:37am
Topics: you can york the deal federal trade commission third point's dan loeb didn't specifically hart-scott-rodino act investors hsr act s ceo ftc competition bureau's deborah feinstein andrew freedman olshan frome wolosky llp insurgent exchange commission-mandated schedule 13-d eleazer klein schulte roth zabel llp ftc web concerns securities exchange commission's 13d activists todd miller baker washington maureen ohlhausen joshua wright ftc a case activist starboard value jeff smith staples office depot february miller the ftc advisers republicans commissioner ohlhausen yhoo internet the the the a third point's third point point yahoo hsr ftc ceo ftc freedman freedman new york activist klein klein klein miller miller republican wright click settlement could chill funds fund companies threshold filing managers antitrust shares reporting investment accumulate investments stock hedge exemption million anticompetitive campaigns early manager avoid regime wait passive targeted broader regulators combine typically stake pushing part operating price economic acquisitions competitive impact noted stakes large time days company potential separate proxy deals campaign equity mergers privately entities prices difficult place purpose termination argued targeting seeking give situations obligated additional added disclosure system activism filings harm partner interest swaps share waiting larger requirements contingent subsidiary firms voting government commissioners crossing inform required requires majority small issues care efforts key acquisition decision experts statement action acquiring market derivatives complex intended contend line stay moves ownership cross plans implications regulatory candidates result strategies lawyers corporate publicly information approach making structure officials raises qualify fact ability order accumulation fall means accumulating launch options warning raise granted violate resulted block caught spike agree aware clearance apply so-called fights potentially raising expensive reveal file costs agreed
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