Tivity Health and Bloomin’ Brands See Activist Activity - Barron's

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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 Sept. 3 through Sept. 9, 2020. Source: InsiderScore.com

Activist Holdings

Tivity Health (TVTY)

Altaris Capital disclosed holding 4,557,144 shares of the fitness and lifestyle firm, equal to nearly a 9.4% stake in Tivity’s tradable stock. On Sept. 1, Altaris co-founder Daniel Tully submitted his resignation as a director on Tivity’s board due to his “confidence in [Tivity] and its new leadership.” Effective on June 1, Tivity named former Walgreens Boots Alliance (WBA) executive Richard Ashworth as Tivity’s new CEO. Altaris further revealed that it will not exercise its right under a cooperation agreement with Tivity “to recommend” a replacement for Tully.

Decreases in Holdings

Bloomin’ Brands (BLMN)

Jana Partners reported ownership of 5,724,981 shares of the operator of casual-dining chains including Outback Steakhouse and Carrabba’s Italian Grill. From Sept. 1 through Sept. 8, Jana sold a combined 1,628,055 Bloomin’ shares at prices ranging from $15.76 to $17.12 each. Jana now owns a 6.5% stake in Bloomin’ Brands.

Spectrum Brands Holdings (SPB)

Fortress Investment Group reduced its position in the household products maker to 2,088,886 shares. Fortress sold 376,308 Spectrum shares from Aug. 21 through Sept. 8 at prices ranging from $57.74 to $60.53 apiece. Fortress now owns 4.9% of Spectrum’s outstanding stock.

GameStop (GME)

Permit Capital revealed a lowered stake in the videogame retailer of 3,100,956 shares, including those owned by Permit partner John Broderick. Permit sold a total of 190,000 GameStop shares from Sept. 2 through Sept. 8 at prices ranging from $7.70 to $8.05 apiece. Permit now holds a 4.8% interest in GameStop’s outstanding stock.

Futu Holdings (FUTU)

General Atlantic Partners revealed a smaller position in the Chinese online-brokerage firm of 39,677,704 American depositary receipts. General Atlantic sold 928,620 Futu ADRs from Aug. 26 through Sept. 2 at prices ranging from $33.07 to $33.49 each. Following the sales, General Atlantic holds the equivalent to 7.4% of Futu’s Class A ordinary shares.

Immersion (IMMR)

VIEX Capital Advisors revealed that it lowered its stake in the designer of device-touch technology to 2,937,306 shares. VIEX sold 750,876 Immersion shares on Sept. 2 and Sept. 3 at per share prices ranging from $9.21 to $10.32. Another 61,870 shares held by a VIEX affiliate were distributed to a partner. Following the divestments, VIEX holds a 10% interest in Immersion’s tradable stock. VIEX also disclosed that its founder, Eric Singer, was appointed as chairman of Immersion’s board on Aug. 4. VIEX cited that it was “encouraged by [Immersion’s] leadership change and the efforts undertaken by the board” that have “significantly reduced costs” and made other operation changes, “with the goal of enhancing shareholder value.”

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