These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Jan. 26 through Feb. 1, 2023. Source: VerityData
Activist Holdings
Qualtrics
International (XM)
Silver Lake, a private-equity investor, reported a stake in the experience-management services firm of 24,987,839 Class A shares, equal to 14.9% of the outstanding Class A stock. SAP (SAP), which controls 73% of Qualtrics through nearly 423.2 million Class B shares, announced on Jan. 26 that it is exploring a sale of its Qualtrics interest. On Jan. 31, Silver Lake, which has been a Qualtrics’ investor since 2021, revealed that it “intends to submit a proposal” to acquire “all or substantially all of [Qualtrics’] outstanding capital stock.” In connection with that announcement, Silver Lake and Qualtrics amended an existing nondisclosure agreement.
Under the new terms, Silver Lake and its affiliates will refrain from buying any Qualtrics voting securities or participate in any solicitation of proxies to vote Qualtrics stock for one year. Silver Lake’s founding principal and co-CEO Egon Durban sits on Qualtrics’ board. SAP has retained Morgan Stanley as a financial advisor on the potential sale of its Qualtrics position. Qualtrics stock has rallied almost 50% since SAP announced its intention to sell shares.
Increases in Holdings
Clear Channel Outdoor
Holdings (CCO)
Ares Management
(ARES) raised its stake in the outdoor-advertising firm to 54,205,626 shares. Ares did so through the purchase of 4,556,000 Clear Channel Outdoor shares at prices ranging from $1.33 to $1.65 apiece from Jan. 13 through Jan. 25. Ares now owns 11.4% of Clear Channel Outdoor’s outstanding stock. The advertising company will release fourth-quarter results on Feb. 28.
Decreases in Holdings
89bio
(ETNB)
OrbiMed Advisors slashed its holding in the clinical-stage pharmaceutical company to 1,504,436 shares. Without citing a reason, OrbiMed sold 650,000 89bio shares on Jan. 24 and Jan. 25 at per share prices ranging from $12.06 to $12.33. Following the sales, OrbiMed holds a 3.2% interest in 89bio, below the 5% minimum that would require the disclosure of any further 89bio stock sales.
TD Synnex
(SNX)
Apollo Global Management
(APO) reduced its position in the enterprise IT firm to 37,802,877 shares. Through a secondary offering that priced TD Synnex shares at $97 each, Apollo Global sold 5,175,000 shares on Jan. 25. Following that, Apollo Global remains TD Synnex’s largest shareholder, owning 40% of the outstanding stock.
Invesco
(IVZ)
Trian Fund Management lowered its holding in the investment-management firm to 40,758,634 shares. Trian sold 2,367,477 shares and 5,460,566 shares, respectively, on Jan. 27 and Jan. 30, at prices ranging from $18.42 to $18.08 apiece. Trian sold those shares for “portfolio management purposes,” and now has a 9% stake.
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Credit: marketwatch.com