JPM: ADIDAS: another story on shareholder activism out this morning, today in Manager magazine ... article notes that some international hedge funds are gearing up and have hired lawyers to assist them in an activist campaign for adidas with the main goal that to oust the CEO ... the article notes that hedge funds potentially involved in this campaign are Third Point (the fund run by D. Loeb - interesting as there were some press specs last week about them raising $2.5B over 2 weeks this summer to spend on several new activist situations, potentially by year-end, both in the US and abroad), Knight Vinke, and TCI
Manager Magazine : Billions in hedge funds explore joining Adidas
Billions financial investors considering a stake in Adidas. If they buy, Herbert Hainer must expect to be impressed. The aim of the hedge fund is a radical change and the overthrow of the CEOs.
Hamburg - Anglo-Saxon hedge funds probe a stake in Adidas. The reported manager magazine in its upcoming issue (release date: September 19), citing financial circles. Thus, some major investors have already made contact with prestigious law firms. The lawyer should advise on a share purchase.
Among the interested parties are for information by manager magazin billion-dollar hedge funds such as Third Point, the Fund of the New York investor Daniel Loeb (52). An entry also check Eric Knight (55), head of the US investment firm Knight Vinke, as well as the fund TCI of British Chris Hohn (47), in 2005 the then German Stock Exchange CEO Werner Seifert (65) forced to resign. Hohn held to demand covered: "No comment". Also Knight and Loeb did not want to comment.
In the case of a share purchase, the hedge funds want to bring about radical changes in Adidas, in particular the replacement of CEOs Herbert Hainer (60). Him make the investors responsible for the recent problems at the sports.
The current growth and profit weakness leaving the stock price this year fall by over 36 percent. In addition, some activist investors demand a removal of the US-subsidiary Reebok or even the last stumbling TaylorMade golf brand.
Adidas declared on demand, you stand in regular contact "with current and potential investors." As the "Wall Street Journal" reported this summer already several large shareholders with Adidas representatives have spoken about possible changes.
More economy first hand ? The above text is only a small extract from the August issue of the magazine manager magazin . The new issue (and the next issue) you can here the advantage offer order.
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