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The slide uses a three-column structure: Key Issue, Changes in Revised TOB, and Remaining Concerns.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Problem & Complication2 hits
21
Uses a waterfall-style comparison to show how the 'minority' calculation is manipulated to lower the threshold.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof2 hits
24
The chart tracks NAV per share from June 2025 to January 2026, showing a cumulative increase of 5,438 JPY.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof2 hits
26
The chart bridges business value and financial asset value to arrive at a total NAV of 7.9 trillion yen, compared to the 5.6 trillion yen TOB price.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof2 hits
01
Slide 1
Letterhead format from Elliott Advisors (UK) Limited.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 2 hits
11
The chart decomposes NAV into 'Listed stock holdings' and 'Business and other'.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 2 hits
14
The slide uses a before-after comparison of calculation methodologies for 'Majority of Minority' voting thresholds.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 2 hits
20
Uses a peer benchmark to expose the poor performance of the target company's business unit.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
46
The slide uses a red circle to highlight the ($285) million loss figure in the table.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
49
Uses a bar chart to contrast 'Length of Stay' between AOL.com and pre-acquisition Huffington Post to challenge AOL's strategic rationale.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
52
The table highlights the massive losses in 'Display - Free Premium Content' and 'Display - Patch' compared to the profitable core businesses.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
55
Uses authority-citation to validate the activist's claims against management.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
56
Includes a screenshot of an ISS Proxy Alert report.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
65
Uses red circles to highlight the 'Multiple of AOL' for market cap, emphasizing the size disparity.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
72
Includes a red circle annotation around the 3.4x figure.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
75
AOL, Inc. (AOL)AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Beat · Propose SolutionLoop · Cost Of Inaction2 hits
76
Includes detailed footnotes explaining the derivation of the $150M loss estimate and ad fill rates.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Beat · Propose SolutionLoop · Cost Of Inaction2 hits
79
Uses a combination of a summary table and a line chart to demonstrate alpha generation.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
80
Uses a contrast-pairs framework to highlight the causal link between activist pressure and management action.AOL, Inc. (AOL) · Jeffrey C. Smith
Activist deck Activist investor Loop · Cost Of Inaction2 hits
13
Uses a comparison between actual DSP performance and hypothetical SiTel margins to illustrate the opportunity cost of R&D spending.DSP Group, Inc. (DSPG) · Starboard Value
Activist deck Activist investor Beat · AgitateLoop · Cost Of Inaction2 hits
28
The slide uses a quote box to highlight the specific terms of the expired agreement.DSP Group, Inc. (DSPG) · Starboard Value
Activist deck Activist investor Beat · AgitateLoop · Cost Of Inaction2 hits
03
This is a classic activist investor 'problem statement' slide, establishing the 'why' behind the campaign.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
06
The slide uses a list-based argument structure to justify the need for new board members.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
07
The slide uses a contrast-based structure to frame the nominees as superior and the incumbents as underperforming.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
08
Office Depot, Inc. (ODP)Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
16
Includes red circles highlighting specific underperforming metrics for Office Depot and OfficeMax.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The MonsterLoop · Cost Of Inaction2 hits
39
Uses a 'failed' callout to highlight the board's inaction.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
40
Uses a 'FAILED' callout to emphasize the breach of stated policy.Office Depot, Inc. (ODP) · Starboard Value
Activist deck Activist investor Beat · The Monster2 hits
16
Uses specific examples of executive departures (Young, Chernicoff, Roohparvar) to build a case for board dysfunction.Tessera Technologies Inc. (TSRA) · Starboard Value
Activist deck Activist investor Beat · Expose Contradiction2 hits
32
The slide highlights the discrepancy between the large market opportunity and the lack of revenue generated by Invensas to date.Tessera Technologies Inc. (TSRA) · Starboard Value
Activist deck Activist investor Beat · Propose SolutionLoop · Mece Breakdown2 hits