(Bloomberg) Danone is preparing to sell its stake in a Chinese dairy company to fund stock buybacks as the French company tries to boost shareholder returns amid pressure from disgruntled investors.Danone said Sunday it plans to sell its stake in China Mengniu Dairy Co., which has a market value of more than $2 billion, later this year. Most of the proceeds would be used to fund share repurchases. Danone shares rose as much as 2.6%.The announcement comes hours before Danone’s board reportedly meets to discuss its response to calls from investors such as Artisan Partners Asset Management Inc. for management changes. Danone Chairman and Chief Executive Officer Emmanuel Faber is facing demands for him to give up one or both of his positions at the company, which he has led since 2014.China Mengniu climbed 1.5% early Monday amid a broader market rally in Hong Kong. Shares of the company, which makes milk, ice cream and cheese, have gained 54% over the past 12 months.Faber said las
MILWAUKEE, Feb. 24, 2021 (GLOBE NEWSWIRE) Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) is announcing today that it has agreed to sell 963,614 shares of the Company’s Class A common stock (representing approximately 1% of the firm’s outstanding equity) and a selling stockholder has agreed to sell 146,466 shares of the Company’s Class A common stock in an underwritten public offering, for an aggregate offering size of 1,110,080 shares of the Company’s Class A common stock. The Company intends to use all of the net proceeds of the offering received by the Company to purchase 963,614 common units of Artisan Partners Holdings LP, the Company’s direct subsidiary, from certain limited partners, including employee-partners, of Artisan Partners Holdings LP. The completion of this transaction will increase the Company’s public float of Class A common stock by 963,614 shares. The C
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Operator
Hello and thank you for standing by. My name is Andrew and I will be your conference operator today. At this time, all participants are in a listen-only mode. After the prepared remarks, management will conduct a question-and-answer session and conference participants will be given instructions at that time. As a reminder, this conference call is being recorded. [Operator Instructions] At this time, I will turn the call over to Makela Taphorn, Director, Investor Relations for Artisan Partners Asset Management.
Makela Taphorn
Director, Investor Relations
Thank you. Welcome to the Artisan Partners Asset Management Business Update and Earnings Call. Today s call will include remarks from Eric Colson, Chairman and CEO and C.J. Daley, CFO. Our latest results and investor presentation are available on the Investor Relations section of our website. Following these remarks, we ll open the line for questions. Before we begin, I d like to remind you that the comments made on to