Catalent turned Elliott's pressure into a $16.5B Novo Holdings sale
A strategic review backed by Elliott ended with Novo Holdings buying Catalent for $63.50 a share, a 47.5% VWAP premium.
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2,000 PUBLISHED CASES · REGULARLY UPDATEDCardinal Health let Elliott into the boardroom and rebuilt its profit base
Elliott's 2022 truce put four directors on Cardinal Health's board; by FY2025 every operating segment grew profit double digits.
Read the caseCapitaLand split itself to become an asset-light manager
CapitaLand carved development away from fund management; CLI listed with S$78B FUM and later reached S$100B.
Read the caseCaffè Nero defended its CVA and restarted store growth
Caffè Nero used a 2020 CVA to survive lockdowns, then reached $680M sales and 61 new stores in FY24.
Read the caseCaesars let Icahn onto the board and sold to Eldorado in a $17.3B deal
Icahn pushed Caesars toward a sale; the board added his directors and Eldorado bought the casino group for $17.3B.
Read the caseBrown-Forman split family control from CEO succession and kept growing
The Brown family kept board control while handing the CEO seat to insiders who scaled premium whiskey globally.
Read the caseBroadcom used VMware to rebalance chips with infrastructure software
Broadcom bought VMware, sold a non-core unit, and lifted FY2024 infrastructure software revenue 181%.
Read the caseBP answered Elliott pressure with an oil-and-gas reset and lower transition spend
After Elliott built a stake, BP cut transition spending guidance by over $5B a year and redirected capital to oil and gas.
Read the caseBoursa Kuwait privatized the exchange and won emerging-market status
Kuwait's exchange operator privatized, self-listed, and helped move Kuwait into major emerging-market indexes.
Read the caseBooking shifted from hotel search toward a connected trip platform
Booking pushed payments, mobile and trip services; 2023 revenue rose 25% and merchant bookings reached 54%.
Read the caseBank of Ireland used private capital to avoid state control
A 2011 investor deal cut Ireland's Bank of Ireland stake to 15.1%, letting the lender return to private ownership first.
Read the caseBang & Olufsen restored profit by narrowing into luxury audio
B&O cut multibrand exposure and pushed luxury channels; EBIT before special items swung from -DKK105M to DKK61M in 2023/24.
Read the caseAtlassian used 2020 to force its server customers toward cloud
Atlassian accepted near-term revenue turbulence in 2020 and set an end date for new server licenses.
Read the caseASUS split the CEO job and narrowed phones toward gamers
ASUS replaced Jerry Shen with two co-CEOs in 2019, taking a NT$6.2B reset to focus phones on gamers and power users.
Read the caseASICS refocused on running and turned 2023 into a record year
ASICS moved to category management and a running-led digital plan; by 2023 sales and every profit line hit records.
Read the caseArm chose licensing over fabs and became the standard inside phones
Arm stayed an IP designer, charging license fees and royalties while partners made chips; SoftBank later paid about $31B.
Read the caseArm spun out as a chip IP licensor and became mobile's default CPU
Arm left Acorn as a tiny Apple-backed venture, chose licensing over fabs, and became the architecture behind smartphones.
Read the caseAramco unlocked $27.9bn from pipelines without giving up operations
Aramco used oil and gas pipeline leasebacks to bring in global investors while retaining majority control and operations.
Read the caseApple opened its own stores and made retail a product showcase
Apple ignored retail skeptics in 2001, controlled the buying experience, and built a billion-dollar store channel by 2004.
Read the caseAndroid left cameras for phones before Google bought the platform
Andy Rubin's team judged digital cameras too small, shifted Android to phones, and built the platform Google later scaled globally.
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