Advance Auto Parts Reaches Settlement with Activist Investors for Three Board Seats
Advance Auto Parts settles with activists Third Point and Saddle Point, granting them three board seats. The company’s stock has been declining due to increased costs, leading to a cut in forecast and dividend. New board members appointed and CEO change reflect efforts to navigate challenges. Shares surged by 3.7% following the news. Activists express confidence in the company’s potential for value creation.
WeWork’s founder Adam Neumann seeks to buy now-bankrupt business
Adam Neumann, the co-working company’s onetime chief, has been trying to buy the now-bankrupt WeWork business with the help of hedge fund mogul Dan Loeb. His new real estate company, Flow Global, has accused WeWork’s current leaders of stonewalling their takeover approach, despite seeking to provide bankruptcy financing to keep the company afloat.