Carl Icahn is expanding the number of directors he
is nominating to the board of Sandridge Energy from five to
seven. The move is in response to the shale oil
producer’s announcement on May 4 that it would
expand its board from five to seven. In a new regulatory filing, the investor
said he is now also nominating Jonathan Christodoro, a private
investor who served as a managing director of Icahn Capital
from July 2012 to February 2017. and Nancy Dunlap, private
counsel and head of the private family office of former New
Jersey governor and U.S. Senator Jon Corzine. In late December,
Sandridge agreed to cancel its deal to acquire Bonanza Creek
Energy due to pressure from Icahn.
Boaz Weinstein’s Saba Capital
Management said in a regulatory filing that as of May
3, it owned 5.21 percent of Ivy High Income Opportunities Fund,
a closed-end mutual fund. The fund is currently trading at a
10.33 percent discount to its net asset value (NAV). The filing
was made using form 13G, meaning the investment is passive.
However, as we have chronicled numerous times, Saba
likes to take activist positions in closed-end funds, hoping to
coax the management firm to find some way to narrow or close
that gap. We’ll watch to see if he converts the
status of this filing in the future.
Farallon Capital Management said in a regulatory filing that it owns 5.3 percent
of Enanta Pharmaceuticals. The biotech company has a 1.9
billion market capitalization.
Pershing Square Holdings is up 3.1 percent this
month through May 9. As a result, the hedge fund managed by
Bill Ackman’s Pershing Square Capital
Management trimmed its loss for the year to 2.7 percent.
Pershing Square Capital Management also reported that it had a
total of $7.8 billion at the end of April, down from $8.164
billion the previous month even though in April its funds were
up between 2.7 percent and 3.4 percent.