GPP spent a few days in sunny Beverly Hills at the annual Milken Global Conference where trillions in assets and the world’s leading financiers gathered in the cramped Beverly Hills Hilton. The mood was ebullient as participants marveled at the health and innovation in the U.S. economy and the myriad places in which to invest —while scrambling to find the boxed lunches provided to 1,000 guests. 

Ken Griffin’s Citadel returned as the opening night party host Sunday at the Beverly Canon Gardens, as corporate chieftains, senators, foreign dignitaries, dealmakers and Federal Reserve presidents enjoyed late afternoon cocktails replete with Citadel-branded sunglasses. 

Apollo CEO Marc Rowan kicked off the Monday morning on CNBC with a live interview with David Faber that covered the economy, the rise of private credit and the atrocious behavior on college campuses.

The one-badge-for-all makes it charming as you bump into will.i.am in the lobby and the former prime minister of Australia while finding an Uber. And while Elon Musk wasn’t seen scrumming for a cab, his interview with Michael Milken was funny, upbeat and had the crowd enraptured. Check out Liz Hoffman of Semafor’s take on the confab, which includes a tracker of sponsor spend.

The deal panel Tuesday morning that included Anu Aiyengar of JP Morgan and Andrew Bednar of Perella Weinberg noted that there’s been a pent-up demand for M&A that may finally be opening up if buyers and sellers can reconcile their views on prices and valuations. The takeaway was that investors and corporates want exposure to the U.S. markets and economy even as the dollar rises.

We’ll close out this week with some big activism news. The months-long proxy contest between Norfolk Southern and Ancora has come to an end. Shareholders voted at the company’s annual general meeting on Thursday to elect 10 of Norfolk’s board nominees and three of Ancora’s, rejecting half of Ancora’s candidates and leaving Norfolk’s Board in control. 

Have a great weekend,

GPP Team

The Deal: Alight Adds Two Starboard Directors in Settlement

Cloud-based benefits service provider Alight announced it reached an agreement with Starboard to add two new directors to the company’s board and work with the activist fund to elect a third, writes Jean Haggerty. Read More

Reuters: Shah Capital urges Novavax shareholders to vote against three directors

After previously criticizing Novavax's management, activist Shah Capital advised shareholders to vote against three directors and executive say-on-pay proposals at the biotech company’s annual meeting next month. Read More

Financial Times: WisdomTree Faces New Battle with Largest Shareholder

WisdomTree’s largest shareholder, ETFS Capital, is urging investors to vote against the reappointment of CEO Jonathan Steinberg and two other board members. Read More

CORPORATE GOVERNANCE

Harvard Law School Forum on Corporate Governance: Stakeholder Governance and the Eclipse of Shareholder Primacy

Marty Lipton examines how the concept of "shareholder primacy" has evolved, with corporate governance now emphasizing a more balanced approach that considers all stakeholders while simultaneously bolstering long-term sustainable value creation. Read More

M&A

Bloomberg: Synopsys to Sell Unit for as Much as $2.1 Billion to Private Equity Firms

Brody Ford reports that chip-designer Synopsys Inc. will offload its software business to Clearlake Capital and Francisco Partners in a roughly $2 billion deal. Read More

The Wall Street Journal: Spain’s BBVA Goes Hostile in Pursuit of Smaller Banking Rival Sabadell

Patricia Kowsmann and Elena Vardon discuss BBVA’s $12 billion hostile takeover bid to acquire competitor Banco de Sabadell, including potential opposition from to deal from the Spanish government. Read More

ESG

Semafor: Climate activist investors are learning to play nice with banks

Tim McDonnell highlights the new tactics activists are using to try and engender climate-related changes at major banks and financial institutions, signaling a potential new era of cooperation. Read More

Financial Times: Is the Corporate DEI Panic Finally Over? 

Despite various political and legal challenges, Taylor Nicole Rogers details that many U.S. companies have maintained their DEI policies, indicating a continued general commitment to diversifying workforces and fostering inclusion. Read More

FROM OUR DESK TO YOURS

We couldn’t pass through Los Angeles or Beverly Hills without going to Sugarfish, the popular sushi spot that churns out the freshest sushi without relieving you of $500. It’s so popular that on any given night up to a dozen chefs are working at the buzzy, fun, take-no-reservations spot. We stopped in and had absolutely delicious abalone, Uni from Santa Barbara and other fun treats. It has now opened three locations in New York. 

Gladstone’s own Lauren Odell moderated the "Shareholder Activism & Implications for Communications Professionals" panel at the Arthur W. Page Society this week. She was joined by Pamela Codo-Lotti, Global Chief Operating Officer, Activism Defense & Shareholder Advisory at Goldman Sachs, Elizabeth Bieber, Partner at Freshfields, and Lauren Thomas, Reporter at The Wall Street Journal, to discuss the latest trends in shareholder activism and lessons learned from a communicator's perspective.

PEOPLE MOVES

• Goldman Sachs named former Dallas Fed President Robert Kaplan as vice chairman. Read More
• Business Insider’s global editor-in-chief, Nicholas Carlson, has decided to step down. Read More
• Paul Weiss has hired top deal lawyer Jim Langston from Cleary Gottlieb, who will join the firm’s M&A practice in New York. Read More
• Michele Colocci, former chairman of M&A at Morgan Stanley, has been appointed as vice chairman and managing director at Lazard. Read More

• May 16: Fortune Future of Finance Summit, New York
• June 6: 2nd Annual Clapman Lecture featuring Indra Nooyi, Palo Alto