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• Case | HBS Case Collection | November 2006 (Revised November 2017)

  Kerr-McGee

  Robin Greenwood and André Perold

  Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their chemicals business. The case protagonist, Luke Corbett, CEO, opposes these changes.

  Keywords: Restructuring; Chemicals; Equity; Investment; Governance Controls; Managerial Roles; Chemical Industry; Energy Industry; United States;

  Citation:

  Greenwood, Robin, and André Perold. "Kerr-McGee." Harvard Business School Case 207-020, November 2006. (Revised November 2017.)  View Details

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• Background Note | HBS Case Collection | December 2004 (Revised October 2017)

  Subscriber Models

  Mihir Desai, Robin Greenwood, Scott Mayfield and Lucy White

  Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.

  Keywords: Valuation; Corporate Finance;

  Citation:

  Desai, Mihir, Robin Greenwood, Scott Mayfield, and Lucy White. "Subscriber Models." Harvard Business School Background Note 205-061, December 2004. (Revised October 2017.)  View Details

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• Case | HBS Case Collection | September 2015 (Revised September 2017)

  Pershing Square 2.0

  Robin Greenwood, Samuel Hanson and David Biery

  In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500 million to well over $18 billion. Ackman is now considering a sizable new portfolio position and must decide how he should raise capital to undertake this new investment. This choice is affected by the recent launch of his new, $6 billion closed-end vehicle, Pershing Square Holdings, as well as the firm's lengthening investment horizon. Although always activist in nature, Ackman and his fund had in recent years become substantively involved in the management of portfolio companies, often working to drive shareholder value by improving operating performance.

  Keywords: activism; value investing; portfolio management; Management; Investment Portfolio; Investment Activism;

  Citation:

  Greenwood, Robin, Samuel Hanson, and David Biery. "Pershing Square 2.0." Harvard Business School Case 216-003, September 2015. (Revised September 2017.)  View Details

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