These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from May 9 through May 15, 2024. Source: VerityData
Politan Capital Management is demanding to inspect the books of the provider of monitoring technologies. Citing Delaware General Corporation Law and his role as a member of Masimo’s board, Quentin Koffey, Politan’s managing partner and chief investment officer, made the request as part of a proxy battle launched in March. Politan won a previous proxy battle against the company in 2023, capturing two of the company’s six board seats. The firm is currently seeking another two seats.
Following the letter demanding to see the financials, Politan and Masimo CEO Joe Kiani engaged in public back-and-forth letters after Kiani proposed ending the proxy battle by appointing just one of Politan’s board nominees. Politan’s Koffey made a counterproposal, adding his firm’s two nominees and not opposing Kiani’s re-election, a move that would expand the board to seven, including four independent directors.
Politan owns 4,713,518 shares of Masimo, or an 8.9% stake in the company. Shares are up about 2% so far this year.
Increases in Holdings
Saba Capital Management increased its holdings in the investment manager to 9,430,012 shares, or 7.6% of shares outstanding. The firm purchased 1,519,800 shares at prices ranging from $18.56 to $19.75 each from April 15 through May 14.
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Coliseum Capital Management increased its holdings in the recreational powerboat maker to 2,517,736 shares, or 14.8% of outstanding shares. The firm purchased 293,500 shares at prices ranging from $19.06 to $21.50 each from April 18 through May 10. Shares have lost more than 10% year to date.
Decreases in Holdings
Beach Point Capital Management reduced its holdings in the banking solutions and retail technology systems provider to 2,435,023 shares, or 6.5% of outstanding shares. The firm sold 356,200 shares at prices ranging from $34.26 to $41.01 each from March 12 to May 10.
Great Hill Investors reduced its holdings in the provider of cloud-based software to 5,299,483 shares, or 7.2% of outstanding shares. The firm sold 1,408,621 shares at prices ranging from $35.00 to $37.24 each on May 8 and May 9. The sales were transacted pursuant to a Rule 10b5-1 plan adopted in March that calls for the sale of up to 3,000,000 shares.
Elliott Management decreased its holdings in the provider of offshore-drilling services to 5,004,844 shares, or 6.8% of shares outstanding. The firm sold 975,000 shares at prices ranging from $48.02 to $53.14 each from March 13 through May 9.
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