Tuesday, February 13, 2007

Activist Investors Look Good In Recent Days

A handful of nice wins in recent days for activist investors:

Applebee's International, Inc. (Nasdaq: APPB) said its Board of Directors has formed a committee of independent directors to explore strategic alternatives for enhancing shareholder value, including a possible recapitalization or sale of the company. APPB is an activist target of Richard Breeden.

Ceridian Corporation (NYSE: CEN) announced that its Board of Directors has decided to explore a broad range of strategic alternatives to enhance shareholder value. The Board has retained Greenhill & Co., LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to assist in this effort. CEN is an activist target of Bill Ackman's Pershing Square Capital.

WCI Communities, Inc. (NYSE: WCI) retained Goldman Sachs & Co. to assist the Board and senior management in a thorough review of the Company's business plans, capital structure, and growth prospects, with the objective of enhancing the company's value for all of its shareholders. WCI is an activist target of Carl Icahn.

The Home Depot (NYSE: HD) announced that the Company and its board of directors have decided to evaluate strategic alternatives for its HD Supply business, including a possible sale, spin or initial public offering of the business. HD is an activist target of Relational Investors LLC.

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