Prominent Global Activist Stocks
"Shareholder activism is not a privilege, it is a right, a responsibility. When we invest in a company, we own part of that company. We are responsible for how that company progresses." - Mark Mobius
We are following up with a global list after our highly popular Japan Activist Stock Names. As with our Japan post, this will be regularly updated.
š Shareholder activism is part and parcel of capitalism and modern society today.
š If you are a citizen in a democratic society, you get to vote.
š Analogously, if you are a shareholder, you have a voice and the right to opine on how things should work in your company.
š Well. Technically speaking.
Today, publicly listed stocks have thousands, and for larger companies, millions of shareholders. No individual shareholder can effect big changes. When the board of directors fail in their jobs, all shareholders suffer.
Thatās where activists come in.
Activists buy the shares of listed companies and effect changes. Through proposing transformational improvements, putting themselves onto the boards of companies or simply advising management via constructive dialogues behind-closed-doors, activists help their investee companies better strategize and grow.
We discussed some interesting activist names in Japan, where c.40% of listed stocks trade below book and has attracted activist attention globally. But the global activists had been busy for many years.
Warren Buffett acquired Berkshire Hathaway in an activist setting back in 1965. The 1980-2000s saw the rise of shareholder activism in US and then in Europe.
Funds like Cevian, Elliott, Hikibi Path Advisors, JANA Partners, LIM Advisors, Oasis, Pershing Square, Simplex, Starboard Value, Third Point, Trian Partners and ValueAct became very prominent.
Hence we pivoted this newsletter to follow shareholder activism. Japan has a separate list as itās now the biggest hotbed for activism. Without further ado, hereās the inaugural list of the prominent global names (ex-Japan) in alphabetical order.
Acadia Healthcare (ACHC US, Market Cap: USD2.4bn, PER: 10.4x, PBR: 0.8x, EV/EBITDA: 6.9x) : Engine Capital public engaged Acadia Healthcare, NASDAQ listed mental health facilities operator, in Sep 2025 with its 3% stake. Engine is asking for pause in capital intensive projects, followed by company overhaul focusing on governance, cost reduction and asset sale. In Oct 2025, Khrom Capital joined the fray, asking Acadia to explore a potential sale of itself.
Air Products and Chemicals (APD US, Mkt Cap: USD65bn, PER: 22.6x, EV/EBITDA: 15.4x) : APD is one the worldās largest industrial and specialty gas maker alongside Linde PLC, Air Liquide and Nippon Sanso. In 2025, it was targeted by activist Mantle Ridge and then DE Shaw, a quant / activist shop and they succeeded to overhauling the board, ousting the CEO and appointing a few directors onto the board.
Akzo Nobel (AKZO NL, Market Cap: USD12.1bn, PER: 14.0x, PBR: 2.5x, EV/EBITDA: 9.6x, Dividend Yield 3.3%) : Akzo Nobel, one of the largest paint company, was engaged by Cevian, Europeās leading activist investor. In Aug 2025, Cevian disclosed a 3% stake in AKZO causing share price to jump. This seemed to be a case of constructive activism with Cevianās spokesperson publicly stating that they see the long-term potential of AKZO do to better. There is little public info on other engagement agendas, but A.I. believes that Cevian would ask for sharper portfolio focus and better cost discipline at AKZO.
Autodesk (ADSK US, Market Cap: USD66bn, PER: 29.7x PBR: 24.3x, EV/EBITDA: 22.6x, FCF Yield 2.4%) : Renowned 3D design and engineering software company has been engaged by Starboard Value since 2024. Starboard has argued that Autodeskās margins were not optimized (GPM 11%!) and corporate governance should be improved. After a public spat, Starboard and Autodesk management are apparently cooperating to improve the numbers.
Kairos Research wrote about Autodesk c.1 year ago.
Avantor (AVTR US, Mkt Cap: USD8.8bn, PER: 13.3x, EV/EBITDA: 11.1x) : AVTR is one of the largest life science and materials company providing mission critical to products and services to biopharma and healthcare players. In 2025, activist Engine Capital (owns c.3% of shares) engaged the company targeting a possible sale given that share price dropped c.50% as a result of poor execution. Management took the threat seriously and took steps to overhaul the firm.
Barrick Mining (B US, Market Cap: USD66.88bn, PER: 12.6x, PBR: 2.7x, Dividend Yield: 1.1%) : Elliott engaged Barrick this month campaigning for the separation of its more profitable North American assets from its more problematic Asian and African mines. Previous CEO left to take blame for the loss of operational control of its Mali gold mine which was seized by the government. This mine once generated 15% of the companyās gold output. The company recorded a $1 billion impairment charge in August 2025. Since Elliottās involvement, share price is up c.22%. (Updated Nov 2025)
Bill Holdings (BILL US, Market Cap: USD5.3bn, PER: 24.4x PBR: 1.4x, EV/EBITDA: 17.3x, FCF Yield 5.9%) : Company which has been providing cloud-based software that simplifies, digitizes, and automates back-office financial operations for small and midsize businesses worldwide finds itself targeted by both Elliott (owns 5%) and Starboard Value (owns 13%). Stock surged c.27% in two weeks. This could be an interesting candidate for the portfolio given it is a strong free cashflow generating SAAS business. Substack post on substack by Deep Value Returns although it was a sell thesis.
Bitfarms Ltd (BITF CN, Market Cap: USD1.7bn, PER: -ve PBR: 2.5x, EV/EBITDA: 104.1x) : Canadian listed bitcoin miner was engaged by its larger US competitor Riot Platforms earlier this year. Riot built an initial stake of 12% but was poison-pilled by Bitfarm. It went to the courts, Riot upped its stake to 19% and managed to squeeze in a board member in late September. The endgame could be Riot trying to buy Bitfarm on the cheap. But then, Bitfarms is burning cash. So Riot would need to stop the bleed before forking out more money.
BP PLC (BP LN, Mkt Cap: USD91bn, PER: 12.1x, EV/EBITDA: 4.7x, Dividend Yield: 7.9%) : Formerly known as British Petroleum, then renamed as Beyond Petroleum, BP is one of the highest profile activist stocks in 2024-2025. Elliott Management bought c.5% of outstanding shares and called for a strategic reset to refocus back on traditional oil and gas. Succumbing to activist pressure, BPās Chairman resigned and management took concrete steps, including announcing the sale of its U.S. onshore wind business, to shift back toward its core oil and gas portfolio. Share price has also increased from GBP3+ to GBP4.2 as of this writing.
Charles River Laboratories (CRL US, Mkt Cap: USD8.2bn, PER: 16.5x, PBR: 2.5x, EV/EBITDA: 11.3x, FCF Yield: 5.2%) : Elliott engaged CRL earlier this year and got two directors appointed on CRLās board. Charles River is a global Contract Research Organization (CRO) for pharmaceutical and biotech companies currently trading at reasonable valuations.
Coway (021240 KR, Market Cap: USD5.5bn, PER: 12.8x PBR: 2.4x) : Coway is durable goods rental company renting out air purifiers, toilet bidets and mattresses, doing a decent business in Korea until gaming company, Netmarble came along, snapped up 26% and caused some corporate governance issuce. Activist Align Partners then came in and tried to sort things out. Align Partnerās Deck on Coway.
Cracker Barrel (CBRL US, Market Cap: USD1.4bn, PER: 19.4x PBR: 3.0x, EV/EBITDA: 11.4x, Dividend Yield 1.6%) : This restaurant operator blew up part of the internet in August when management decided to go really woke and change its logo, removing Old Timer from its original logo. Fans and activists both protested. Even the US President said his piece. Long time activist investor in Cracker Barrel, Sardar Biglari wrote a 120 page damning presentation calling for improvement. That said, this was more sensational news than actionable activist idea. Takeaway: depending on the circumstances, straightforward narratives (like trying to be progressive) can still somehow backfire.
CSX (CSX US, Market Cap: USD118bn, PER: 22.1x, PBR: 5.4x, EV/EBITDA: 13.1x, Dividend Yield 1.6%) : CSX, North American railway company transporting coal, agricultural and other finished products is being engaged by Ancora Holdings. The activist has ousted its CEO and is pushing CSX to explore merger options with either BNSF Railway Company (owned by Berkshire Hathaway) or Canadian Pacific Kansas City (CPKC).
Diageo (DGE LN, DEO US, Mkt Cap: USD62bn, PER: 16.2x, EV/EBITDA : 12.8x, Dividend Yield 3.7%) : The worldās largest spirits and whisky maker continues to languish with both US and China drinking less. While no activist is publicly involved as of Oct 2025, it was recently reported that Terry Smith of Fundsmith sold his stake in Diageo, a stamp of disapproval on the company. Subsequently, CEO Debra Crew resigned, another sign of activist action behind-the-scenes. This newsletter has written a lot about Diageo. Valuations are still very reasonable.
Disney (DIS US, Mkt Cap: USD207bn, PER: 19.0x, EV/EBITDA: 11.7x) : Disney was targeted by Nelson Peltz of Trian and Blackwells Capital in 2024. Both activists failed to win any board seats although Blackwellsā advice for Disney to digitalize faster and embrace A.I. was sound, even prophetic. Disneyās share price has just been treading water for the last two years.
Harley-Davidson (HOG US, Mkt Cap: USD3.3bn, PER: 6.6x, EV/EBITDA: 12.2x, Dividend Yield: 2.6%) : The worldās #1 premium motorcycle brand faced off activist H Partners (c.9% shareholder) at this yearās AGM. While H Partners failed to get board seats, their campaign triggered the resignation of CEO and catalyzed management to refocus on strategic priorities. Share price has also started moving.
Honeywell (HON US, Mkt Cap: USD138bn, PER: 20.2x, EV/EBITDA: 15.3x, Dividend Yield: 2.1%) : Honeywell is a massive industrial conglomerate with core businesses in Aerospace, Building & Industrial Automation and Energy & Sustainability Solutions. In late 2024, Elliott bought a USD5bn stake and publicly urged Honeywell to break up its businesses. This was a major activist win as Elliott partner Marc Steinberg was appointed to Honeywell's Board and Honeywell agreed to breaking up into three distinct, publicly listed companies.
Jack in the Box ($JACK.US, Mkt Cap: USD369mn, PER: -ve, PBR: -ve, EV/EBITDA: 8.4x) : GreenWood Investors scored with this constructive engagement with two new director seats on the board of this burger restaurant operator. Alas, this was a case of choosing the less ugly suitor because JACK -6.54%ā was also being target by another activist Sardar Biglari, who is also the current largest shareholder with 9.9% stake. Management announced its plan to shutdown 150-200 restaurants (out of c.2,200) and selling Del Taco, its c.600 store subsidiary for USD115m, to turn things around. (Updated Feb 2026)
Kenvue (KVUE US, Mkt Cap: USD40.7bn, PER: 19.8x, EV/EBITDA: 13.7x, Dividend Yield: 3.9%) : Consumer health company spun out from J&J, selling over-the-counter (OTC) medicines, personal care, and wellness products. Multiple activists, including Starboard Value, Third Point and Sachem Head engaged the firm seeking a strategic review including divestment of under-performing business (skincare) and possible full sale of the company.
Keurig Dr Pepper (KDP US, Market Cap: USD38bn, PER: 13.4x, PBR: 1.5x, EV/EBITDA 11.2x, Dividend Yield: 3.3%) : Activist Starboard Valueās engagement with KDP was made public in mid Oct 2025 after the company announced plans to buy European coffee maker JDE Peetās for USD18bn, which many believed was overly expensive. The following analysis provides good insights on this development:
Lamb Weston (LW US, Market Cap: USD7.9bn, PER: 19.9x PBR: 4.5x, EV/EBITDA: 16.9x, Dividend Yield 2.6%) : Lamb Weston is a global food processing company specializing frozen potato products. In 2025, it was engaged by JANA Partners which owned c.7% of outstanding shares. JANA pushed for major operational and capital improvements, including advocating for a potential sale of the company. In mid 2025, JANA and Lamb agreed that four of its 13 directors would be nominated by the activist.
London Stock Exchange Group ($LSEG.LN, Mkt Cap: $62bn, PER: 19.5x (NTM), PBR: 2.1x, EV/EBITDA: 11.4x) : London Stock Exchange became a similar victim during the recent SAAS debacle because 40% of revenue comes from data and analytics (Refinitiv, data platform used by traders and analysts not unlike Bloomberg, which was bought for USD27bn) which will be replaced by AI. Around the same time, Elliott, the worldās most feared activist, bought a GBP3bn stake and asked for a share buyback which the company agreed! Stock price has rallied sharply. (Updated Mar 2026)
Lululemon Athletica (LULU US, Market Cap: USD20.1bn, PER: 13.9x, PBR: 4.6x, EV/EBITDA: 7.7x) : In a rare case of founder-led activism, Lululemonās founder, Chip Wilson, compared his own company to a āplane crashā with a full page advertisement criticising management on the Wall Street Journal in Oct 2025. On CNBC, he also alluded to working with activist investors to force changes on the board. (Updated Nov 2025)
Natural Resource Partners (NRP US, Market Cap: USD1.4bn, PER: 9.7x, PBR: 2.3x, EV/EBITDA: 7.8x, FCF Yield 15%, Dividend Yield 2.9%) : This interesting name is being targeted by activist Graystone Capital and other smart investors. Its main business is collecting royalties from the coal and soda ash mines that it owns. NRP is a Master Limited Partnership which for reasons unclear, non-US investors are unable to buy. Nevertheless, itās worth highlighting. Six Bravo
wrote a good article in 2024 and Pound the Rock Investing (Graystoneās founder) has a recent one behind paywall.
Markel (MKL US, Mkt Cap: USD24.4bn, PER: 19.2x, PBR: 1.4x) : This insurer, once touted potentially as the next Berkshire Hathaway, was targeted by activist JANA Partners (again!) in 2024. JANA argued that Markel had lost its way and might consider selling the business to another bigger insurer. Markel did not fight back publicly, instead took the opportunity to take feedback and review its businesses. It recently announced the sale of its global re-insurer business.
Medtronic (MDT US, Market Cap: USD118bn, PER: 16.1x PBR: 2.5x, EV/EBITDA: 13.5x, Dividend Yield 3.1%) : Elliottās involvement in this global medical device giant was announced last month after āconstructive dialogueā. It was reported that Elliottās involvement likely resulted in the board appointments of two independent directors and the spinoff of Medtronicās diabetes business. Share price reaction was muted though.
Middleby Corp (MIDD US, 0K1G UK, Market Cap: USD6.7bn, PER: 15.1x, EV/EBITDA: 10.8, PBR: 1.8x) : US commercial food service equipment maker has been engaged by Trianās ex-CIO Ed Garden. His eponymous fund, Garden Investments holds c.5% stake of Middleby. In Oct 2025, FT announced that Middleby will sell 50% of its kitchen product business to 26North, a new investment vehicle of Apolloās cofounder Josh Harris. Interestingly, share price has not moved much. (Updated Nov 2025)
PepsiCo (PEP US, Market Cap: USD210bn, PER: 18.0x PBR: 10.8x, EV/EBITDA: 13.3x, Dividend Yield 3.7%) : Elliott published its manifesto https://elliottletters.com/pepsico/ on PepsiCo articulating its comeback strategies on PepsiCoās legacy of successes built on its storied glories such as building Frito Lay into the global #1 potato chips brand and successful spinoff of Yum! Brands.
PepsiCo is also our portfolio name since 2023.
Screenshot of Pepsicoās commercial featuring Michael Jackson from Youtube Pfizer (PFE US, Mkt Cap: USD143bn, PER: 8.9x, EV/EBITDA: 8.5x, Dividend Yield: 6.8%) : Once the largest pharmaceutical company in the world, Pfizer has dropped to #11 in ranking. Activist Starboard Value acquired a USD1bn stake and called for its board to hold management accountable for the share price underperformance. At the 2025 AGM, Pfizerās directors were all re-elected. It is unclear whatās Starboardās next move. Meanwhile, PFEās share price also didnāt do much. As such, the story is still unfoldingā¦
Philip 66 (PSX US, Market Cap: USD49.3bn, PER: 14.5x PBR: 1.8x) : Elliott launched a public campaign earlier this year arguing company has under-performed for many years. Company fought back and things culminated into the AGM proxy battle with both sides getting two of their nominated directors voted in. The saga is ongoing. Elliottās deck: https://www.10xebitda.com/wp-content/uploads/2025/02/Elliott-Management-Phillips-66-Natural-Resources-Elliott-Phillips-Presentation-11-Feb-2025.pdf
Reckitt (RKT LN, Mkt Cap: USD50bn, PER: 15.2x, EV/EBITDA: 12.7x, Dividend Yield: 3.8%) : Formerly Reckitt Benckiser, this UK consumer and OTC drugmaker with iconic brands such as Dettol, Durex, Nurofen, Vanish, Air Wick, Enfamil (milk) was targeted by multiple activists including Trian Partners. Pressured by the activists, RKT sold part of its homecare business and has returned capital to shareholders. The most important push is whether Reckitt will divest its infant milk business. This newsletter has written about Reckitt. (Updated Feb 2026)
Rio Tinto ( RIO US or RIO UK, Market Cap: USD120bn, PER: 11.5x, PBR: 2.1x, EV/EBITDA 5.7x, Dividend Yield: 5.3%) : Rio Tinto is the second largest miner globally with c.80% of its EBITDA from iron ore, 8% from Copper, 9% from Aluminium and 3% from titanium dioxide, lithium, uranium, diamonds, salt and borates. Removal of its dual listing structure and demerger, following BHPās footsteps, can unlock significant value. Our portfolio owned BHP since 2023 which Elliott has previously engaged back in 2017. Elliott catalyzed the BHPās sale of its US petroleum business and unification of the dual listing structure.
Rocket Companies (RKT US, Mkt Cap: USD38bn, PER: 44.9x, PBR 5.0x) : US fintech firm specializing in personal finance and homeownership targeted by ValueAct Capital (VAC). VAC, after acquiring its 9.9% stake in May 2025, believes it can help Rocket increase value by advising on business and M&A strategies, improve board composition and capital allocation.
Siemens Energy ($ENR.GY, Mkt Cap: USD122.5bn, PER: 31.7x, PBR: 10.1x, EV/EBITDA: 16.1x) : New setup, Ananym Capital, founded by ex-Jana Partnersā Charlie Penner has launched a campaign against Siemens Energy asking for a split of its loss-making wind energy business from its profitable gas turbine and power grid business. The split can crystallize c.USD1.2bn for shareholders and allow re-rating of its power grid business which is benefitting big-time from data centers and AI demand. Having said that, valuations and share price seemed to have incorporated a lot of the upside. (Updated Feb 2026)
Smith + Nephew (SN UK, Market Cap: USD13.4bn, PER: 32.6x PBR: 2.5x) :
Activist Cevian Capital has pressured the company to spin off its orthopaedic business and management fought back with a 12-Point Strategic Plan. So far, not much dirty laundry in the public but this is one of UKās high profile activist name for 2025. Finota Deep Dives wrote a piece on SN.SSP (SSPG LN, Market Cap: USD1.8bn, PER: 13.9x, PBR: 8.0x, EV/EBITDA: 4.9x, Dividend Yield 2.2%) : SSP Group PLC is a leading global operator of food and beverage concessions in travel locations, primarily in airports and railway stations. The company is recently engaged by activist Irenic Capital, founded by ex-Elliott employees as the fund believes SSP is suitable for a leveraged buyout by private equity given its low valuation but good portfolio of businesses including franchises like Upper Crust and Burger King.
Swatch (UHR SWX, Market Cap: USD9.2bn, PER: 40.7x PBR: 0.6x) : Trading as Net-Net, Swatch was targeted by activist Steven Wood to improve its brand marketing and investor relations. Swatch management was ambivalent but the activist now successfully put Swatch on global investorsā radars. The onus is on management to turn things around since share price has languished for 10 years. 8% Value Activist has written about Swatch.
Screenshot on Swatchās high popular Swatch x Omega campaign in 2024 Southwest Airlines (LUV US, Market Cap: USD16.6bn, PER: 17.6x PBR: 2.1x) : One of the high profile campaign of 2024, Elliott Management bought c.11% of Southwest with USD1.9bn seeking board overhaul and strategic changes. Over time, Southwest management bended to Elliottās will, admitting the activistās proxies on their board and firing people (they have never done it before!). Alas, share price has yet to make significant moves.
Target Corp ($TGT.US, Mkt Cap: USD45.2bn, PER: 13.0x, PBR: 2.9x, EV/EBITDA: 7.3x, FCF yield: 6.6%) : Target has been targeted by activist TCIM after 12 quarters of consecutive revenue decline as reported by Financial Times. While it unclear what TCIM will propose, FT alluded that Target owns almost 80% of its nearly 2,000 stores in the US and could and should strategize to monetize this property base. That said, this will not be an easy turnaround as Target competes with Walmart ($WMT.US) and Costco ($COST.US), arguably the two best retail operators the world has seen. (Updated Feb 2026)
Tripadvisor (TRIP US, Market Cap: USD1.9bn, PER: 47.0x PBR: 3.9x) : Both Starboard and Palliser have bought TRIP after its share price languished for years, performance consistently trailing that of its peers. The activists pointed to a decline in the company's core brand revenue, which stood in contrast to the growth seen in its subsidiary businesses such as Viator and TheFork. Fellow substacker N.R98 has written a good article on TRIP several months ago.
Qorvo (QRVO US, Market Cap: USD7.7bn, PER: 13.1x PBR: 2.2x, EV/EBITDA:8.8) : Qorvo, a leading manufacturer of radio frequency (RF) products and semiconductor solutions, was targeted by Starboard Value which owns a 7.7% stake in the company. Starboard successfully added its Head of Research onto Qorvoās board and looking to push for strategic and operational improvements.
UBS Group (UBSG SWX, UBS US, Market Cap: USD126bn, PER: 14.5x PBR: 1.4x) : Activist Cevian has invested c.USD1.6bn into UBS since 2023 shortly after it acquired Credit Suisse believing that the only large wealth manager in Europe will become as valuable as its US counterparts. However onerous capital requirements is weighing on the share price as reported by the FT. Cevian and UBS management has threatened to pull out of Switzerland or sell itself to bigger rivals. Should the Swiss government relent, the share price could enjoy a short term bounce!
WBDās FCF Yield vs Share Price Warner Bros ($WBD.US, Mkt Cap: USD69.9bn, EV/EBITDA: 11.5x (NTM), PBR: 2.0x, FCF Yield: 4.3%) : Content powerhouse owning Harry Potter, DC comics, Game of Thrones amongst other top IPs was our portfolio stock but we sold too early š®āšØ. Thereafter, Netflix and Paramount Skydance went into a bidding war for this trophy, which was trading at 40% free cash flow yield just two years ago (see chart below). Activist Ancora Holdings Group joined the fray and probably made a quick 15-20% return based on the price chart below, assuming they bought in late 2025. (Updated Mar 2026)
As with our Japan list, we hope to build up the following to document some unforgettable past prominent cases that happened globally.
Past Prominent Activist Cases
Bank of East Asia (23 HK, Market Cap: USD4.5bn, PER: 8.6x, PBR: 0.3x, Dividend Yield: 5.9%) : This is one of Asia ex-Japanās highest profile activist battle that spanned 8 years (2014-2022). Elliott engaged the bank arguing that itās undervalued when compared to its peers. But the family fought back and managed to issue stakes to friendly shareholders (SMBC of Japan) and CaixaBank of Spain) to fend off Elliott. The saga ended in Elliottās defeat in 2022.
Herbalife Ltd (HLF US, Market Cap: USD939mn, PER: 3.8x, PBR: -ve, EV/EBITDA 4.2x, Dividend Yield: 0%) : Herbalife, a multi-level marketing firm selling nutrition products, became the epicenter of one of the most high-profile activist battles. Bill Ackman of Pershing Square accused the company of being a pyramid scheme, claiming it paid more in recruitment commissions than real product sales, and took a massive short position. In the midst of it all, Carl Icahn swooped in, acquiring about 12% as an activist white (dark?) knight š¦¹āāļø. The clash spiraled into a regulatory, media, and investor firestorm. Ultimately, Pershing Square exited with a near billion-dollar loss, while Icahn later sold his stake back to the company. Although share price collapsed since then, HLF had generated positive FCF for more than decade and evidenced it is not a Ponzi scheme.
Bumi Resources (BUMI ID, Market Cap: USD4.9bn, PER: 21.5x, PBR: 3.2x, EV/EBITDA 39.0x, Dividend Yield: 0%) : In one of the highest profile case of corporate activism in Southeast Asia, UKās Rothschild family, or more specifically, Nat Rothschild engaged Indonesiaās Bakrie family in a now defunct entity named Bumi PLC which owned stakes in Indonesian coal miners Bumi Resources and Berau Coal, both controlled by the Bakrie family. Nat Rothschild wanted to unlock undervalued mining assets in emerging markets by listing them in UK but ultimately failed. As board director of Bumi PLC, he uncovered missing funds and wanted to fire the entire board. But he was outvoted by the Bakrie family and their allies. Bumi Resources, listed in Indonesia, is the surviving entity today, albeit after significant transformation.
Please comment below if we missed out anything.
Huat Ah!
This post does not constitute investment advice and should not be deemed to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities or other financial instruments.