Tuesday, October 12, 2010

The Return of the Activist Investor...minus Chris Hohn

All week headlines have heralded the return of activist investors. However, one name is yet to be heard from - Chris Hohn. Chris Hohn is best known for his involvement in Deutsche Boerse. In the US, he was involved in a high-profile proxy battle against CSX. Unfortunately, since the credit crisis, things seemed to go downhill for Hohn and TCI Funds. Amid the commotion, Hohn's top lieutenants left the firm.

Enter the current environment. Ackman is back at it. He's teamed up with Vornado and built a massive position in JC Penney. Sardar Biglari, the controversial Chairman and CEO of Biglari Holdings, has just offered to buy Fremont Michigan InsuraCorp. Even 3G Capital, who teamed up with TCI in the CSX proxy battle, is back in the mix with an offer to buyout Burger King.

So where is Chris Hohn?

I ask because Hohn has always pursued some interesting companies. His ideal company seems to be one with monopolistic characteristics. Monopolies that are content with the status quo and just need a little push. It will be exciting to see if Hohn pops out of the woodwork in the coming months.

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