Wall Street's top activist investors are taking on an increasing prominence in Europe, with over $82 billion of capital now invested by shareholders publicly trying to change corporate structures.
Connecticut-based activist fund Cat Rock Capital owns a 2.5% stake in Just Eat and 4% of Takeaway.com, and has publicly banged the drum for Just Eat to pursue a merger with a rival for quite some time.
Alex Captain, founder and managing partner of Cat Rock Capital, said in a statement on Monday that the Just Eat board's "clear and decisive action" would allow "long-term shareholders to participate meaningfully in future value creation." AJ Bell Investment Director Russ Mould said in a note on Monday that "it remains to be seen if Cat Rock can take all the credit for the strategic development, yet it seems to have had a major influence," adding that this was "quite remarkable" considering its relatively small stake.
"It goes to show that activists are increasingly powerful and that putting pressure on a business in the public domain can often achieve results fairly quickly," Mould added.David A. Grogan | CNBCSinger's hedge fund Elliott Management Corp has outpaced rivals when it comes to deploying capital aimed at driving corporate change to mainland Europe, and particularly Germany, committing $3.4 billion in new capital across the first six months of 2019, according to Lazard data.
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