Gladstone Place Partners

As the end of another busy summer approaches, we’d like to shine a spotlight on our three outstanding summer interns: Rosa Sun, Mauryan Uppalapati and Max Friedman. With an eagerness to contribute to the firm’s clients and a dedication to learning more about the work, our interns demonstrated their enthusiasm, curiosity and unique perspectives. And after watching the Mets beat the Twins at Citi Field, the interns concluded their time at GPP by presenting their research on how companies are using AI and strategies for implementing it in comms. Beyond their great work and contributions to projects, they were each a pleasure to work with. You can read what they had to say about their experience at GPP: https://lnkd.in/gybCdgnj

As the end of another busy summer approaches, we’d like to shine a spotlight on our three outstanding summer interns: Rosa Sun, Mauryan Uppalapati and Max Friedman. With an eagerness to contribute to the firm’s clients and a dedication to learning more about the work, our interns demonstrated their enthusiasm, curiosity and unique perspectives. And after watching the Mets beat the Twins at Citi Field, the interns concluded their time at GPP by presenting their research on how companies are using AI and strategies for implementing it in comms. Beyond their great work and contributions to projects, they were each a pleasure to work with. You can read what they had to say about their experience at GPP: https://lnkd.in/gybCdgnj

From Burritos to Baristas, Starbucks’ New CEO Defangs Activists (and Founder) for Now: As Elliott and Starboard look on, Starbucks' Board taps Chipotle's Brian Niccol for the top spot. Plus, Elliott is coming in for a hard landing at Southwest, as the activist has nominated a 10-person slate of directors to the airlines' board. https://lnkd.in/ezPm2_Gc

Activists are keeping busy in the dog days of summer as Elliott and Starboard continue their full-court press on the boards of Southwest Airlines and Autodesk, respectively. Plus, Financial Times has the latest on the corporate tensions around the Delaware Court of Chancery. https://lnkd.in/epi4yKFy

Our friends Diligent are out with their 2024 proxy season review. Among the findings: this year was the second busiest ever, just shy of 2019 levels, with activists increasingly setting their sights on large-caps valued over $10B. https://lnkd.in/eSxfrXUz

As the Louis Vuitton-branded Summer Olympics kick off in Paris, LVMH-backed L Catterton is strolling down the toy aisle in a take-private bid for Barbie maker Mattel. Meanwhile, Elliott Management built a large stake in laggard coffee giant Starbucks, and Trian Partners began pressuring for a dividend at nascent 3M healthcare spinoff, Solventum. https://lnkd.in/eMv7aZmf

Controversies over amendments to Delaware Corporate Law were clinched this week as Governor John Carney signed SB 313 into law, officially taking effect on August 1st. Meanwhile, an ongoing feud between medtech company Masimo and Politan Capital is heating up as both sides filed lawsuits this week amidst a battle for two additional seats on Masimo's board. https://lnkd.in/eauECscy

As we enter the dog days of summer, GPP is excited to share our team’s 2024 Summer Book Recommendations! The list includes something for everyone – historical fiction, autobiographies, business books, fiction and even a favorite children’s book among GPP parents. This summer, we have been reading "The Everything War" and we’re excited for a discussion with the author, Dana Mattioli, next week. 

Elliott Management dusted of its tried-and-true activist playbook this week in a new letter to Southwest Airlines. In preparation for a proxy fight, the airline strengthened its board and adopted a poison pill, but Elliott still threatens a special shareholder vote. If it does make it 12 rounds (to a vote), it would mark an increasingly rare occurrence. According to data from Freshfields Bruckhaus Deringer, 39 of 42 board seats won by activists so far this year occurred via settlements rather than shareholder votes. https://lnkd.in/e2R_QbFp

Approaching the 4th of July, our friends Diligent analyzed the rebound in activism activity across the pond in Europe, noticing increased demands for strategic M&A and spinoffs. On the other side of the globe Bloomberg highlighted a significant spike in activism in Japan through the first half of 2024. https://lnkd.in/ehddGYQm