{"id":53155,"date":"2023-08-26T00:42:09","date_gmt":"2023-08-26T04:42:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/ll-flooring-earthstone-energy-and-more-stocks-see-action-from-activist-investors\/"},"modified":"2023-08-26T00:42:11","modified_gmt":"2023-08-26T04:42:11","slug":"ll-flooring-earthstone-energy-and-more-stocks-see-action-from-activist-investors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53155","title":{"rendered":"LL Flooring, Earthstone Energy, and More Stocks See Action From Activist Investors"},"content":{"rendered":"
\n

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in any class of a company\u2019s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Aug. 17 through Aug. 23, 2023. Source: VerityData<\/em><\/p>\n

Activist Holdings<\/h2>\n

\n LL Flooring Holdings
\n (LL)<\/p>\n

F9 Investments<\/strong> reported holding 2,698,907 shares of the flooring retailer, equal to 8.8% of the outstanding stock. On May 26, F9 Investments, in conjunction with its wholly owned Cabinets to Go, made an unsolicited cash offer to acquire LL Flooring for $5.76 per share. F9 Investments withdrew that offer on Aug. 17, \u201cin light of LL\u2019s deteriorating financial and operational performance and eroding value, as disclosed in LL\u2019s second-quarter 2023 results.\u201d <\/p>\n

\n

LL Flooring\u2019s board had already rejected the offer on June 26, believing that it \u201cundervalued the worth\u201d and the potential of the company. <\/p>\n

Investors soured on LL Flooring after it reported year-over-year drops of 20.9% and 22.2% in second-quarter net sales and comparable-store sales, respectively, on Aug. 9. Shares have since whipsawed, surging higher after LL Flooring\u2019s board announced on Aug. 14 that it was exploring strategic alternatives, only to falter after F9 Investments\u2019 offer withdrawal three days later. F9 Investments is LL Flooring\u2019s largest shareholder. <\/p>\n

LL Flooring stock has dropped nearly 40% this year. Last month, the company named Robert L. Madore chief financial officer, effective on July 10. Madore was previously CFO of cannabinoid firm
\n Cronos Group
\n (CRON), and of retailers
\n American Eagle Outfitters
\n (AEO) and
\n Ralph Lauren
\n (RL). His predecessor at LL Flooring, Nancy Walsh, left in December.<\/p>\n

\n Earthstone Energy
\n (ESTE)<\/p>\n

Post Oak Energy Capital<\/strong> disclosed a position of 11,167,213 shares of the oil-and-gas explorer, equal to 10.5% of the outstanding stock. Post Oak Energy, through two affiliates, and Earthstone Energy entered into a voting and support agreement on Aug. 21 whereby Post Oak will vote all of its eligible Earthstone shares in favor of
\n Permian Resources
\n \u2019 (PR) all-stock acquisition of Earthstone, announced that same day. <\/p>\n

As part of the agreement, Post Oak will refrain from selling or transferring any Earthstone shares. The merger is expected to close by year end.<\/p>\n

Decreases in Holdings <\/h2>\n

\n Alight
\n (ALIT)<\/p>\n

Blackstone Group
\n (BX) cut its stake in the payroll-and-benefits technology firm to 47,751,475 shares. Affiliates of Blackstone, BX Tempo ML Holdco I and BX Tempo ML Holdco II, sold a combined 13,928,840 Alight shares through a secondary offering that priced the stock with the underwriters\u2019 discount at $7.98 apiece. <\/p>\n

The same Blackstone affiliates sold another 775,763 shares to Alight under an Aug. 15 repurchase agreement at the same price that was contingent on the offering\u2019s close. <\/p>\n

Both transactions closed on Aug. 22 and leave Blackstone with a 9.1% interest in Alight. <\/p>\n

\n Wendy\u2019s
\n (WEN)<\/p>\n

Trian Fund<\/strong> reduced its position in the burger chain to 33,736,431 shares, including those owned by Nelson Peltz. Two Trian affiliates sold 2,905,569 Wendy\u2019s shares \u201cfor portfolio management purposes\u201d on Aug. 22, priced at $20.30 each. Trian Fund now holds 16.1% of the company\u2019s tradable stock.<\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in any class of a company\u2019s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Aug. 17 through Aug. 23, 2023. Source: […]<\/p>\n","protected":false},"author":1,"featured_media":33117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-53155","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nLL Flooring, Earthstone Energy, and More Stocks See Action From Activist Investors | iFintechWorld<\/title>\n<meta name=\"description\" content=\"These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=53155\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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