Ronald D. Orol

Washington, D.C.

I write about #activist #investors @TheDealNewsroom, part of @Euromoney. #Author of Extreme Value Hedging book @wileyglobal. Previously @TheStreet, @MarketWatch

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Articles

Pills Emerge Amid Tariff Uncertainty, Activism

2 months ago | thedeal.com | Ronald D. Orol

As the markets face tariff-related volatility, some companies — especially biotechnology and pharmaceuticals companies — are setting up or extending shareholder rights plans, also known as poison pills, to discourage unsolicited bidders and activist investors seeking to accumulate shares at discounted prices. “We may see more companies putting pills on the shelf and more pills in general,” proxy solicitor and adviser Tom Ball said.
Keith Gottfried + Disclosure Regime Change

2 months ago | thedeal.com | Ronald D. Orol

Back to News Activism|Published: April 7th, 2025A disclosure regime set up for hostile takeovers and tender offers needs to be completely revamped for today’s modern activism campaign environment, defense adviser Keith Gottfried explains. A disclosure regime set up for hostile takeovers and tender offers must be updated for today’s modern activism campaign environment, defense adviser Keith Gottfried explains.
Activists Leverage 'Network Effect' to Drive Campaigns

Mar 24, 2025 | thedeal.com | Ronald D. Orol

Sagar Gupta of Anson Fund Management LP joined the board of U.S. call center software company Five9 Inc. (FIVN) in December — a rare activist portfolio manager installation at a targeted company. The addition, though, puts a spotlight on Gupta’s exclusive investment focus on corporations in telecom, media and technology. Like many other activist investors, Gupta developed a sector specialization over the years.
Arkhouse's Richard Mansouri

Feb 28, 2025 | thedeal.com | Ronald D. Orol

Back to News Activism|Published: February 28th, 2025Richard Mansouri, who recently joined Arkhouse, discusses the phenomenon of companies replacing problem directors only when activists show up and why board members often just aren't independent. A corporate decision to install new management-backed directors when an activist is agitating is troubling, said Richard Mansouri, who recently joined activist-focused investor and real estate company Arkhouse Management Co. LP.
Paul Weiss' Carmen Lu

Feb 20, 2025 | thedeal.com | Ronald D. Orol

Dual-class share structures can be protective against activists, as the high-vote bloc shields boards in proxy contests, but never assume they’re a “bulletproof” defense, Paul, Weiss, Rifkind, Wharton & Garrison LLP partner Carmen Lu told the Activist Investing Today podcast. “Activists have successfully targeted dual-class companies,” Lu said.
Anson's Sagar Gupta Talks TMT Focus

Jan 15, 2025 | thedeal.com | Ronald D. Orol

Back to News Activism|Published: January 15th, 2025Sagar Gupta, who oversees Anson Funds' activism activities, discusses why sector specialization is vital for an activist, and he also talks about recent campaigns at Twilio, Globalstar and Lionsgate. Sector specialization helps activists identify ideas, issue recommendations and improve their credibility when engaging with corporate executives and directors, explained Sagar Gupta, portfolio manager at Anson Funds Management LP.
Aylward Joins Wells Fargo Amid Middle Market Push

Jan 14, 2025 | thedeal.com | Ronald D. Orol

Wells Fargo & Co. has hired M&A banker Justin Aylward to help build out the bank’s midcap M&A team. Aylward, 45, joins from JPMorgan Chase & Co., where he was a managing director and led the institution’s middle market M&A efforts between 2019 and 2024 with Eric Anderson. Anderson, meanwhile, joined Wells Fargo in November. He and Aylward will work alongside Fernando Rivas, who was hired as co-CEO of Wells Fargo’s investment bank last year from JPMorgan.
Elizabeth Gonzalez-Sussman

Nov 6, 2024 | thedeal.com | Ronald D. Orol

Back to News Activism|Published: November 6th, 2024Corporate defender Elizabeth Gonzalez-Sussman discusses what motivated her decision to move away from defending activists, as well as tactics that backfire, settlement subcommittee pros and cons and governance vulnerabilities.
Inex One's Max Friberg

Oct 23, 2024 | thedeal.com | Ronald D. Orol

Back to News Activism|Published: October 23rd, 2024Expert network platform owner Max Friberg discusses why activists and others retain expert networks ahead of insurgency campaigns. Activist hedge funds typically send requests to multiple so-called expert networks when they try to find ex-employees and other knowledgeable people to talk to about a potential target company ahead of — or amid — an insurgency campaign, Inex One CEO Max Friberg explained on the Activist Investing Today podcast.
Olshan's Andrew Freedman

Aug 23, 2024 | thedeal.com | Ronald D. Orol

Back to News Activism|Published: August 23rd, 2024Olshan shareholder activism practice chair Andrew Freedman offers a postmortem of sorts on why 17 directors in two waves resigned ahead of a Browning West director contest at Canadian clothing company Gildan. After Glenn J. Chamandy, longtime CEO of Gildan Activewear Inc. (GIL), was ousted from his C-suite role, several shareholders cumulatively owning 32% of outstanding shares came out publicly opposed to his removal.