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Morning Brief: Elliott Reaches Deal With Commvault

Early last month Elliott Management disclosed it owned 7.4 percent of Commvault.

  • By Stephen Taub

Elliott Management Corp. has reached a compromise with Commvault Systems, a provider of data protection, cloud, and information management services, according to a regulatory filing. Under the deal, Commvault will appoint two new independent directors identified by Elliott within 30 days of its annual meeting. The company also agreed to form an operations committee that will include the new directors, as well as a CEO search committee with at least one of the new directors. Early last month Elliott disclosed it owned 7.4 percent of Commvault and a combined economic exposure of 10.3 percent. Elliott also nominated four individuals to the board of directors. “We have spent considerable time in the company’s sector,” the hedge fund said in a regulatory filing at the time.


Trian Fund Management partner Matthew Peltz joined Pentair after the industrial company spun off nVent Electric, a global provider of electrical connection and protection services and systems, according to regulatory filing. After the separation was completed April 30, activist hedge fund Trian said Peltz replaced the firm’s partner Ed Garden, who resigned. Trian owns 8.79 percent of Pentair.


Third Point’s Dan Loeb has resigned as chairman of Success Academy, the largest operator of charter schools in New York City, according to The New York Post on April 30. The hedge fund manager has been a big advocate of charter schools and very critical of the teacher’s union in general. In recent years he has made incendiary comments that some people have interpreted as tinged with racism. For example, when he accused state Senator Andrea Stewart-Cousins of being closely aligned with the teachers union, Loeb reportedly wrote on Facebook: “Hypocrites like Stewart-Cousins who pay fealty to powerful union thugs and bosses do more damage to people of color than anyone who has ever donned a hood.” Loeb subsequently apologized, according to The New York Post.


Highbridge Capital Management said in a regulatory filing that it owns 2.2 million shares of Paratek Pharmaceuticals that are issuable upon conversion of convertible notes. This would work out to a 6.54 percent stake in the biopharmaceutical company, which focuses on the development and commercialization of therapies tied to tetracycline chemistry. On April 18, Paratek announced plans to issue $125 million in convertible senior subordinated notes due 2024. The notes were offered in a private placement.


Brigade Capital Management disclosed in a regulatory filing that as of April 18 the firm owned 5.9 percent of Libbey, the glassware giant.

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