Green Plains Enters Cooperation Agreement with Ancora Holdings
– Ancora Holdings, a major shareholder of sustainable bioingredient maker Green Plains, has reported holding a significant number of shares in the company. As part of a cooperation agreement signed on February 6th, Green Plains will conduct a formal review of its business and explore strategic alternatives to maximize its value. Ancora, with its 4,176,058 shares, will vote in favor of board initiatives that come up for shareholder vote. However, Ancora has the option to vote against the board if its recommendations are opposed by Institutional Shareholder Services and Glass, Lewis. Under the agreement, Ancora will also limit its stake in Green Plains to no more than 9.9%. The company currently holds a 7% stake. This agreement will be in effect 100 days before the first anniversary of Green Plains’ 2024 annual shareholders meeting. The stock has experienced a significant decline of about 33% in the past year.
Key message: Green Plains partners with Ancora Holdings to explore strategic alternatives and maximize value.
Keywords: Green Plains, Ancora Holdings, cooperation agreement, strategic alternatives, shareholder vote
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Tilly’s Top Shareholder, Fund 1 Investments, Increases Position
– Fund 1 Investments has raised its position in casual-apparel retailer Tilly’s. The company purchased 289,428 Tilly’s shares between January 12th and February 2nd, at prices ranging from $7.34 to $7.57 per share. Fund 1 Investments now holds a 31.3% stake in Tilly’s, making it the largest shareholder. The recent increase in position coincides with a decline in Tilly’s stock, which has lost approximately 17% of its value in the past year.
Key message: Fund 1 Investments becomes the largest shareholder in Tilly’s after increasing its position.
Keywords: Tilly’s, Fund 1 Investments, shareholder, position, stock decline
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Perceptive Advisors Increases Stake in Astria Therapeutics
– Pharmaceutical company Astria Therapeutics has seen an increase in ownership by Perceptive Advisors. On December 21st, 2023, Perceptive purchased 740,000 Astria Therapeutics shares at $6.20 each. Another purchase of 2,481,350 shares was made on February 1st, 2024, at a price of $12.09 each. Perceptive now holds a stake of 6,485,420 shares in Astria. Additionally, Perceptive owns another 2.42 million and five million Astria shares that respectively underlie common and prefunded warrants and convertible preferred securities. These shares are subject to a 9.99% beneficial ownership limitation. Shares of Astria Therapeutics have doubled in price this year and have seen a 12-month gain of approximately 4%.
Key message: Perceptive Advisors increases its stake in Astria Therapeutics.
Keywords: Astria Therapeutics, Perceptive Advisors, shares, ownership, stake increase
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Apollo Global Management Reduces Stake in TD Synnex
– Private equity firm Apollo Global Management has reduced its stake in enterprise IT company TD Synnex by a third. Apollo sold 8,768,750 TD Synnex shares on January 31st through a secondary offering at a price of $100.50 per share. Following the offering, Apollo remains the largest shareholder in TD Synnex with a 19.8% stake. TD Synnex’s stock has experienced a slight decrease of approximately 5% in value through the end of January, but has remained relatively flat over the past year.
Key message: Apollo Global Management decreases its stake in TD Synnex.
Keywords: Apollo Global Management, TD Synnex, stake reduction, secondary offering, largest shareholder
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Analyst comment
Green Plains Enters Cooperation Agreement with Ancora Holdings: Positive news. Green Plains will conduct a review and explore strategic alternatives to maximize value. Ancora’s significant shares will support board initiatives. Market may respond positively, increasing stock value.
Tilly’s Top Shareholder, Fund 1 Investments, Increases Position: Neutral news. Fund 1 Investments raised its stake in Tilly’s, but stock value has declined. Market response uncertain.
Perceptive Advisors Increases Stake in Astria Therapeutics: Positive news. Perceptive has increased ownership and holds a substantial stake in Astria. Astria’s stock price has doubled this year. Market may respond positively, increasing stock value.
Apollo Global Management Reduces Stake in TD Synnex: Neutral news. Apollo reduced its stake in TD Synnex, but remains the largest shareholder. TD Synnex’s stock value has remained relatively flat. Market response uncertain.
