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That was the genesis of finding company to run. It was one of the few privatecompanies we were invested in, and that company was a service provider to the old Clear. We discovered it just by having lunch with the management team of the company we were invested in and we learned about Clear. We were really lucky.
But before we dive into that, let's think about the leadership of the company and offer an overview there. He's been at the helm since 2007. McCormick's not that. Mary Long: Yeah, you mentioned Figma, and that's another thing that will look at in a bit. The CEO, Shantanu Norian, has been at Adobe's helm for about 16 years. versus 9.6%
The company is still in talks with its shareholders about raising as much as £1 billion in fresh funds following a £500 million injection agreed last year. Its largest shareholder is Canadian pension fund Ontario Municipal Employees Retirement System (Omers), which holds a nearly 32 per cent stake.
And then I got more interested in kind of governance but governance in the narrow sense, corporate governance and contract, which was all about the problems between shareholders and managers. So, until the financial crisis of 2007 and 2009 or however you go — you actually time it, I was in this finance bubble. RITHOLTZ: Right.
But there’s also a lot of, like at Wittel, you know, I was at Wachtel in 2005 to 2007, so really near the peak of a big merger’s boom. Explain Matt Levine : 00:14:13 If a bad thing happens at a public company, public company does a bad thing. If the CEO sexually harasses someone, the company gets hacked.
If you’re a privatecompany, you don’t have any of those pressures. RITHOLTZ: which other publicly traded companies might not have that luxury. We actually acquired in 2007 a local asset management. There’s a lot of scrutiny around compensation of the staff. RITHOLTZ: Right. RITHOLTZ: Right.
Even amid tariff uncertainty clouding the near-term picture, several privatecompanies are now on track to go public. Eventually, StubHub sold itself to eBay in January 2007 for $310 million. While Baker was still a shareholder and did pocket lots of money from the buyout, he also thought StubHub had sold out too soon.
With the deal, the Caisse is adding to its roster of renewable energy investments and flexing its muscle under its dual mandate, which is to promote Quebecs economic development while earning the best possible returns for shareholders. The transaction continues a wider trend of renewable energy companies being taken private.
MORGENSON: Could be banks, could be Wall Street, could be private debt folks, but it’s — RITHOLTZ: This is very often securitized and sold off into the market as well? MORGENSON: It can be collateralized loan obligations, now it’s big private debt. But so you had these dividend recaps. RITHOLTZ: Wow.
It’s the fall of 2007. It’s, it’s that we’ve handed over our business and societal fate to shareholder interests, to the exclusion of anything resembling common sense. But it also goes back to what we were discussing earlier in terms of shareholder primacy. Wasn’t all that keen to leave.
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